Gautam Adani, world’s third-richest man, seeks to raise $5 billion as banks insist on deleveraging

The world’s third-richest man is lobbying sovereign wealth funds to raise about $5 billion in equity to reduce leverage.

What happened: Indian Billionaire Gautam Adanihas reached out to investors including a group of Mubadala Investment Company, And abu dhabi investment authorityBloomberg reported, citing unnamed sources familiar with the matter.

The report states that the group has also approached Qatar Investment Authority and pension funds, including Canada Pension Plan Investment Board. It is also seeking interest on funds belonging to the representative of the Abu Dhabi ruler. Sheikh Tahnoon bin Zayed Al Nahyan and sovereign wealth funds ADQ,

The report added that the talks are on and a final decision is yet to be taken by the company.

The development comes after the group in an exchange filing on Tuesday Adani Enterprises The board will meet on November 25 to discuss fund raising.

Sources told the publication that bankers have urged the billionaire conglomerate to raise so much equity to improve its debt ratio – after a CreditSites report in September warned that the Adani group “has benefited from depth”. “

Adani is currently the third richest man in the world and the highest wealth gainer this year among the top billionaires.

Excluding Elon Musk And jeff bezos In the dust, billionaire Adani has made over $51 billion this year, according to the Bloomberg Billionaires Index.

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