Adani Enterprises on Tuesday announced plans to raise 250 billion rupees ($2.8 billion) through a rights issue of shares as it seeks to move past the controversy that surrounded its previous equity fundraising attempt.

The company — the flagship of the Adani Group and its main business incubator — had raised 210 billion rupees in 2023, but later returned the funds to investors after U.S.-based short seller Hindenburg Research accused the group of corporate governance lapses and stock price manipulation.

The allegations triggered a sharp sell-off across Adani Group stocks, though many have since recovered.

At the time, Adani Group dismissed Hindenburg’s claims as a “malicious combination of selective misinformation,” maintaining that it had “always been in compliance with all laws.”

In September 2025, India’s market regulator, the Securities and Exchange Board of India (SEBI), said its inquiry had found no violations of regulatory norms by Adani Group companies and dismissed the short seller’s allegations.

Adani Enterprises said the proceeds from the new rights issue will be used to strengthen its balance sheet and fund its incubation ventures. Among these ventures is its data center division, which recently announced plans to build India’s largest AI data center campus and green energy infrastructure in Visakhapatnam, Andhra Pradesh, in partnership with Google.

Shares of Adani Enterprises ended 2.7% lower on Tuesday.