Adani Group Tells Creditors It Secured $3 Billion Credit From Sovereign Wealth Fund: Report

Adani Group Tells Creditors It Secured $3 Billion Credit From Sovereign Wealth Fund: Report

The credit line from the sovereign wealth fund could be upsized to $5 billion, said the report, citing a memo that was circulated to participants as highlights of a three-day investor roadshow ending on Wednesday.

New Delhi: Adani Group, hit hard following US short seller Hindenburg Research’s attack, has told creditors it has secured $3 billion loan from a sovereign wealth fund, Reuters reported quoting two sources with knowledge of the matter.

The credit line from the sovereign wealth fund could be upsized to $5 billion, said the report, citing a memo that was circulated to participants as highlights of a three-day investor roadshow ending on Wednesday.

As per the report, the identity of the sovereign wealth fund was not disclosed in the memo and a spokesperson for Adani Group did not immediately comment on the report. Adani Group had yesterday told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by end-March.

Adani Group held a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid steep share price falls and a regulatory probe.

Seven out of ten listed Adani Group companies lost over $140 billion in market value after Hindenburg Research published its report on 24 January 2023 accusing the Adani Group of improper use of offshore tax havens, stock manipulation and flagged concerns over debt levels.

Adani has rejected the allegations and denied any wrongdoing.

 

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