NEW DELHI - India's Adani Transmission said its board on Saturday approved a plan to raise up to 85 billion rupees ($1.0 billion) from the stock market.
The fund raising plan from one of the Adani Group companies comes months after a report from U.S.-based short-seller Hindenburg Group battered investor confidence and drove share prices of the group down.
Adani has denied all allegations even as India's market regulator is probing Hindenburg's allegations as well as Adani group's related-party dealings following a Supreme Court directive.
Adani Transmission said in a statement it plans to raise the funds via selling equity shares through qualified institutional placements or other permissible modes.
The group's flagship company, Adani Enterprises Ltd and its renewable-energy arm Adani Green Energy Ltd was also scheduled to hold board meetings on Saturday to consider proposals to raise funds.
Adani Green on Friday postponed its board meeting to May 24.
Bloomberg reported the three are considering raising up to $5 billion, months after a huge $2.5 billion share sale by the flagship firm fell through in the wake of a scathing short-seller report.
($1 = 81.7800 Indian rupees)
(Reporting by Aftab Ahmed; Editing by William Mallard)