Adani Group: Gautam Adani will get $3.5 billion, shares rose sharply, know latest updates
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Adani Group Share Price: Indian industrialist Gautam Adani’s Adani Group is set to foreclose on the $3.5 billion loan it took to buy Ambuja Cements Ltd, just months after US short-seller Hindenburg faced an asset freeze over allegations. According to media reports, a group of banks and financial institutions have agreed to this loan. It is understood that this big loan will go a long way in boosting confidence among creditors in the financial stability of Adani Group. After this news in the stock market, there was a big jump in the company’s shares. Within 20 minutes of the opening of the stock market of Adani Enterprises, the opening price of Adani Enterprises rose by Rs 34 from Rs 2402 to Rs 2436 at 9.20 am. However, till 12 noon there was a decline of about 0.42 percent in the company’s shares. After this, shares of Adani Enterprises were trading at Rs 2393.15. It is noteworthy that today the Indian stock market opened falling amid weak global signals. At the same time, till 12 noon the Sensex was trading 265 points down at 65,367. Whereas, Nifty-50 was trading 67 points down at 19,557.
18 banks and financial groups are jointly giving loans
According to a Bloomberg report, this deal may be sealed this week. This loan to Adani Group will be one of the 10 largest loans in Asia this year. According to The Economic Times report, 18 global banks including Barclays, Deutsche Bank and Standard Chartered have tied up with the group for the loan. The 18 lenders also include MUFG, Mizuho, SMBC, DBS, First Abu Dhabi Bank, Standard Chartered Bank, Barclays, Deutsche Bank, ING, BNP Paribas and Qatar’s QNB.
Adani’s net worth is 52.8 billion dollars
ET reported that the refinancing will help save about a quarter billion dollars over a three-year period. Along with this, Adani Group has repaid the loan of about $ 2 billion of Ambuja and ACC. According to the report, the distribution of loans will start next week. This loan has extended the repayment deadline till 2027. Let us tell you that when Hindenburg accused Adani Group of stock manipulation, Gautam Adani was the richest person in India. Within weeks of the allegations, his net worth fell by $40 billion following the stock market crash. Over the past few months, Adani has recovered some of its lost wealth due to an infusion of money into Adani Group shares by Indian-American investor Rajeev Jain and other emergency measures that inspired investor confidence. According to Forbes, Adani’s current net worth is $52.8 billion.
SEBI had ordered to investigate the funds received from Dubai businessmen
Market Regulator of India (SEBI) is investigating the relationship between Adani Group and a fund incorporated in the British Virgin Islands to see if there were violations of share ownership rules. Sources said that this fund is called Gulf Asia Trade and Investment. According to a check of its website last month, it is owned by Dubai businessman Nasser Ali Shaaban Ahli. Organized Crime and Corruption Reporting Project (OCCRP) and the fund has invested in several listed Adani firms, according to data provided to Reuters by the Investigative Journalists Group. The probe is part of SEBI’s probe into the Indian group, following a January report by short-seller Hindenburg Research. It said offshore shell companies secretly owned stock in Adani-listed firms, raising governance concerns.
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