By Dhwani Pandya

MUMBAI (Reuters) – India’s Adani Group is aiming to close its planned up to $4 billion fundraising before the end of 2023, and is actively talking to global investors about participating, a source with direct knowledge of the matter said on Wednesday.

The group’s flagship, Adani Enterprises, and Adani Green have board approvals to raise around $1.5 billion each, while Adani Transmission is eyeing $1.03 billion through share sales, the three companies have told Indian exchanges in the past few weeks. That totals around $4 billion.

The Adani Group is aiming to close the fundraising before end 2023, said the source, who declined to be named as the discussions are private.

“Plan (is) to complete the entire fund raise before end of this calendar year,” the source added.

The Adani Group did not immediately respond to a request for comment.

The source declined to provide details of the names of investors Adani is in talks with, but said the response so far had been positive as potential investors believe the current valuation is attractive.

The fundraising is critical for the Indian group, run by billionaire businessman Gautam Adani, who was earlier this year jolted by short-seller Hindenburg Research’s report alleging improper use of tax havens and concerns over its debt levels.

The report also forced Adani Enterprises to shelve his key $2.5 billion share sale in February.

Adani denied any wrongdoing. It called the report baseless and has since garnered investor support and repaid debt.

The group’s shares have clawed back some $50 billion in market value after a rout triggered by the report, but they are still down around $110 billion.

(Reporting by Dhwani Pandya; Additional reporting by Chris Thomas; Editing by Aditya Kalra and Jane Merriman)

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