New Delhi, July 2 -- Adani Enterprises Ltd. is seeking to raise as much as 100 billion rupees ($1 billion) through a sale of shares to institutional investors as the ports-to-power conglomerate led by billionaire Gautam Adani overcomes legal challenges in the US.

The firm opened the qualified institutional placement on Thursday and aims to offer as many as 34.7 million shares to large investors. They will be sold at an indicative price of 2,883 rupees apiece, terms of the deal obtained by Bloomberg News showed. The pricing is at a 9% discount to the stock's Thursday close of 3,177.50 rupees.

The company's capital raising follows an agreement to pay $275 million to settle a probe by the Office of Foreign Assets Control in May. Separately...