MUMBAI: Adani Enterprises Ltd is likely to launch a $1 billion share sale by mid-September, three sources with direct knowledge of the matter told Reuters, in the latest attempt by Indian billionaire Gautam Adani to restore his empire’s fortunes.

The share sale will be the second by an Adani group company this year after one from its power transmission unit last week.

The offering of existing shares will mark Adani Enterprises’ return to equity markets after the flagship company scrapped a $2.5 billion share sale in February last year, after U.S.-based short-seller Hindenburg Research accused the Adani group of improper use of offshore tax havens and stock manipulation.

Adani has denied any wrongdoing.

An Adani group spokesperson has not responded to an email request for comment.

“The bankers to the deal have been briefed by Adani officials and are targeting to launch the share sale by late August or early September. Right now $1 billion is being worked upon, though the bankers have approval for a higher fund raise,” said the first of the three sources, who declined to be named as the plans are private.

Adani to return to equity market with transmission business share sale, sources say

The board approved a potential fundraising of up to $2 billion in May.

The funds will be raised through a so-called Qualified Institutional Placement (QIP), a process used by listed Indian companies to raise funds from large institutions. The company will soon reach out to investors, the sources said.

The Adani group has hired ICICI Securities, SBI Capital Markets and Jefferies to facilitate the share sale. The banks have not responded to requests for comment.

“Adani Enterprises wants to attract certain U.S. investors that are focused on infrastructure but have never looked at India,” said the second source.

Adani Energy Solutions QIP last week got bids from utility-focused U.S. investors, sovereign wealth funds from the United Arab Emirates and Qatar, and Indian mutual funds. The issue received bids for six times as many shares as were on offer.

“After the success of Adani Energy QIP, Adani has the confidence that there will be strong demand for the group’s flagship company as well,” said the third source.

Adani Enterprises also plans to launch its first-ever public issue of bonds in the coming weeks to raise up to 6 billion rupees ($71 million). It decided not to proceed with a debut retail bond offering of up to 10 billion rupees last year.