Adani Enterprises is expected to initiate a $1 billion share sale by mid-September, according to three sources familiar with the matter who spoke to Reuters. This move represents the latest effort by Indian billionaire Gautam Adani to rejuvenate his empire.

This share sale will be the second from an Adani group company this year, following a similar offering by its power transmission unit the previous week.

The sale of existing shares signifies Adani Enterprises' return to the equity markets after the flagship company abandoned a $2.5 billion share sale in February of the previous year. This decision came after US-based short-seller Hindenburg Research accused the Adani group of improper use of offshore tax havens and stock manipulation.

An Adani group spokesperson did not respond to an email request for comment. Adani has denied any wrongdoing.

According to one of the sources, who requested anonymity as the details are confidential, the bankers involved in the deal have been informed by Adani officials and are aiming to launch the share sale by late August or early September. The current target is $1 billion, although the bankers have approval to raise a higher amount. The board had approved a potential fundraising of up to $2 billion in May.

The funds will be raised through a Qualified Institutional Placement (QIP), a process utilized by listed Indian companies to secure funds from large institutions. The company is expected to reach out to investors soon, the sources added.

The Adani group has engaged ICICI Securities, SBI Capital Markets, and Jefferies to facilitate the share sale.

One source noted that Adani Enterprises aims to attract specific US investors who are focused on infrastructure but have not previously considered India. Last week, the Adani Energy Solutions QIP received bids from US investors focused on utilities, sovereign wealth funds from the United Arab Emirates and Qatar, as well as Indian mutual funds. The issue garnered bids for six times the number of shares available.