Adani Group Refuses $3 Billion Loan Reports from Middle East Fund

Adani Group has refuted reports of a $3 billion loan from Middle East funds.

On March 1, the Adani group was deprived of a report which demanded that the embattled Indian conglomerate secure a $3 billion loan from a sovereign wealth deposit.

The denial came hours after news stated in the Adani group sources that the company had secured a $3 billion loan from a Middle East-based sovereign wealth fund. The BSE had also sought clarification from the Adani group in answer to the news report.

The listed bodies of Adani have lost over Rs 12 lakh crore in the market since January 24, when US-based short seller Hindenburg Research unconfined a report contending “stocks manipulation” and “accounting fraud” by the corporation.

The ports-to-power corporation has been deprived of the allegations and has suspected Hindenburg of obligating a “calculated securities fraud”. Since then, Adani has also been quickly reimbursing and prepaying debts as a comeback strategy. Adani has tenable a $3 billion loan, further scholarly from sources that the credit line from the sovereign wealth fund could be augmented to $5 billion.

The news of a renewed fundraising strategy comes a day after Adani’s supervision told bondholders it expected to prepay or repay share-backed loans valued at $690 million to $790 million by end-March.

The plans are revealed as the group holds a fixed-income roadshow in Singapore and Hong Kong to coast up investor sureness amid sharp share price falls and a regulatory probe.

Meanwhile, Adani Group’s 10 listed entities closed higher on March 1, with flagship Adani Enterprises up nearly 15%. It settled at Rs 1,564.55, more than Rs 200 higher than its last close.

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