Adani Group denies report of securing $3 bn loan from sovereign fund

Adani Group on Wednesday refuted media reports that claimed the company has obtained a $3 billion loan from a sovereign wealth fund, reported CNBC TV18 citing a Bloomberg report.

Clarifying on media reports, Adani Group said to Bloomberg, “We completely deny this baseless speculation. This is totally false and untrue.”

According to a Reuters report, Adani Group had informed creditors on Wednesday during the day that it had secured a $3 billion loan from a sovereign wealth fund and the credit line could be increased to $5 billion. 

Meanwhile, all ten group stocks had gains on Wednesday, the first time since the Hindenburg report was released in January.

On Wednesday, the group's shares increased by further Rs 44,200 crore, headed by flagship company Adani Enterprises. Adani Total Gas, Adani Green Energy, Adani Transmission, Adani Power, Adani Wilmar, and NDTV all had gains of 5 per cent while Adani Enterprises saw an increase of up to 15 per cent in its stock. Over the past two sessions, the market value of all Adani equities increased by 11 per cent, or Rs 74,260 crore. At closure, the group's market value was estimated to be Rs 7.56 trillion.