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Adani says has secured $3 billion credit from sovereign wealth fund: Report

ON DEMAND NEWZ by ON DEMAND NEWZ
March 1, 2023
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Adani says has secured $3 billion credit from sovereign wealth fund: Report
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Adani says has secured $3 billion credit from sovereign wealth fund: Sources

India’s Adani Group has told creditors it has secured a $3 billion loan from a sovereign wealth fund, two sources with knowledge of the matter said, as the embattled conglomerate seeks to ease concerns about its credit profile after a short-seller attack.

 

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

 

The identity of the sovereign wealth fund was not disclosed in the memo.

 

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The sources declined to be identified as they were not authorised to speak with the media.

 

A spokesperson for Adani did not immediately respond to a Reuters request for comment.

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.

 

Seven listed Adani Group companies have lost more than $140 billion in market value since a Jan. 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels.

 

Adani has rejected the allegations and denied any wrongdoing.

 

Tags: @India @adani @news @3billion @sevenlisted @hindenburg @singapore @hongkong
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