Adani Group has raised Rs 11,330 crore through stake sale in three group companies
New Delhi:
The Adani Group has raised Rs 11,330 crore through stake sale in three group companies, taking the total capital raised over four years to $9 billion as the conglomerate draws interest from a cross-section of investors.
In a statement, the ports-to-energy conglomerate said it “is committed to raising capital to fulfil its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies.”
“In the most recent instance, Adani family has raised $1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies – Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd,” it said.
“This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months.”
In addition, the three portfolio companies have also received board approval for primary issuances through a share sale to investors.
Adani Enterprises Ltd, the group’s flagship firm, plans to raise Rs 12,500 crore through share sale to investors while electricity transmission company Adani Transmission another Rs 8,500 crore. Its renewable energy firm plans to raise Rs 12,300 crore.
Promoters in two tranches have sold shares since May to leading US-based global equity investment boutique GQG Partners. The latest was earlier this month where $1.38 billion was raised.
“A similar stake-sale by the family in March 2023 aggregating to $1.87 billion (Rs 15,446 crore), resulted in full prepayment of margin-linked, share-backed financing and created flexibility in a rising rate environment to equitize debt capital as and when due,” the statement said.
“Adani Group, which started the capital transformation journey for its core infrastructure portfolio in 2019, has raised over $9 billion in a short span of four years,” it said.
“The programme paved the way for long-only global investors to participate in the world’s largest and fastest-growing infrastructure development where Adani portfolio offers a one-stop play through its portfolio companies spread across the infrastructure spectrum from energy and utility to transport and logistics.”
It has attracted investments across various listed entities – Adani Ports and Special Economic Zone Limited (APSEZ), Adani Green Energy Limited (AGEL), Adani Transmission Limited (ATL), Adani Total Gas Limited (ATGL) and Adani Enterprises Limited (AEL).
“In line with the group’s capital management philosophy of enabling participation of strategic long term investors, Adani has attracted large-scale investments from the likes of Qatar Investment Authority (QIA), TotalEnergies (TTE) , International Holding Company (IHC), as well as GQG Partners (GQG) along with its co-investors Australia Super, Goldman Sachs, University of Texas, Delaware Public Employees Retirement System, Master Trust Bank of Japan, Missouri Education Pension Trust, Abu Dhabi Investment Authority, Universal Investment Luxembourg, New York State Common Retirement Fund and Employees Retirement System of Texas,” it said.
QIA invested $452 million in ATL in February 2020 while TTE invested $3.3 billion in a joint venture with APSEZ, ATGL and AGEL in April 2019. IHC invested $2 billion AEL, ATL and AGEL in May last year and GQG invested $3.19 billion in AEL, ATL, AGEL and APSEZ this year.
“The faith and confidence shown by these large global investors are proof of the underlying strength of the group’s businesses and the Adani Group’s commitment to the highest level of governance. Moreover, the success of the investment program also demonstrates the group’s ability to raise funds across companies at each stage and achieve the stated goals,” the statement said.
AEL is among the world’s largest business incubators, with focus on building infrastructure businesses. Its strategic priorities include the airport and green hydrogen business. Green Hydrogen will enable decarbonisation of industrial and mobility sectors, and support India’s push towards self-sufficiency in primary energy.
AGEL is the largest and the fastest-growing renewable power company in India with an operational portfolio of 8.1 GW. It envisions commissioning 45 GW of renewable energy capacity by 2030, while being the lowest cost generator of renewable power.
ATL is the largest private energy solutions player in India with presence in power transmission and distribution and an increasing focus on smart metering. Smart meters will enable electricity distribution companies to efficiently integrate and plan renewable energy into power grids and are essential tools for the decarbonisation of the energy sector.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets climbed to their best week of the year.
“It’s been almost a complete opposite or retracement of what we saw last week,” said Philip Petursson, chief investment strategist at IG Wealth Management.
In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.
The S&P/TSX composite index closed up 93.51 points at 23,568.65.
While last week saw a “healthy” pullback on weaker economic data, this week investors appeared to be buying the dip and hoping the central bank “comes to the rescue,” said Petursson.
Next week, the U.S. Federal Reserve is widely expected to cut its key interest rate for the first time in several years after it significantly hiked it to fight inflation.
But the magnitude of that first cut has been the subject of debate, and the market appears split on whether the cut will be a quarter of a percentage point or a larger half-point reduction.
Petursson thinks it’s clear the smaller cut is coming. Economic data recently hasn’t been great, but it hasn’t been that bad either, he said — and inflation may have come down significantly, but it’s not defeated just yet.
“I think they’re going to be very steady,” he said, with one small cut at each of their three decisions scheduled for the rest of 2024, and more into 2025.
“I don’t think there’s a sense of urgency on the part of the Fed that they have to do something immediately.
A larger cut could also send the wrong message to the markets, added Petursson: that the Fed made a mistake in waiting this long to cut, or that it’s seeing concerning signs in the economy.
It would also be “counter to what they’ve signaled,” he said.
More important than the cut — other than the new tone it sets — will be what Fed chair Jerome Powell has to say, according to Petursson.
“That’s going to be more important than the size of the cut itself,” he said.
In Canada, where the central bank has already cut three times, Petursson expects two more before the year is through.
“Here, the labour situation is worse than what we see in the United States,” he said.
The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.
The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.
The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.
— With files from The Associated Press
This report by The Canadian Press was first published Sept. 13, 2024.
