Gautam Adani: The havoc of Hindenburg Research! adani group shelves bond plan to raise money to refinance acc ambuja loan
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Adani Enterprises was working with Edelweiss Financial Services Ltd., AK Capital, JM Financial and Trust Capital to issue the bonds but has now called off the deal. According to sources, the decision has been taken in view of the recent fall in the shares of the group. The Adani Group had also decided to withdraw the FPO of Adani Enterprises. Though it was fully subscribed, Group Chairman Gautam Adani himself issued a statement explaining the reason. He said that the company has withdrawn it on the basis of ethics.
slipped to 21st place
Edelweiss declined to comment while the other three financial companies did not respond. Adani Group also did not respond to emails. According to Moody’s Investors Service, the company’s ability to raise funds has been affected due to the steep fall in the shares. It is believed that now the company will consider raising money through other means. This includes internal resources. Adani Group had bought Ambuja Cements and ACC last year. For this, he had taken loans from several international banks. It is to be repaid from 2024 to 2026.
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A report by Hindenburg Research last week claimed that the Adani Group has been involved in blatant stock manipulation and account fraud for decades. However, Adani Group termed this report as a bundle of lies and called it a conspiracy against India. But the group’s shares and bonds have fallen heavily. Due to this, the market cap of Adani Group has decreased by $ 108 billion. Also, Adani has slipped from third to 21st position in the list of the world’s richest people.
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