Adani Group trashes reports of $3-billion loan from Middle East fund

The listed entities of Adani have cumulatively lost over Rs 12 lakh crore in the stock market since January 24, when US-based short seller Hindenburg Research released a report alleging "stocks manipulation" and "accounting fraud" by the company.

The ports-to-power conglomerate has denied the allegations, and has accused Hindenburg of committing a "calculated securities fraud". Since then, Adani has also been swiftly repaying and prepaying debts, in what is being seen as a comeback strategy.

The Reuters report, which said that Adani has secured a $3 billion loan, further learnt from sources that the credit line from the sovereign wealth fund could be increased to $5 billion.

The news of a fresh fundraising plan comes a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by end-March.

The plans are being unveiled as the group holds 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.

Meanwhile, all the 10 listed entities of the Adani group closed higher on March 1, with the flagship Adani Enterprises advancing almost 15 percent. It settled at Rs 1,564.55, which is over Rs 200 higher as compared to the last closing price.

With inputs from Reuters