Business Standard

Adani rebuffs report of $400 mn fundraise against Australian assets

Australia's corporate regulator earlier this month said it will review the report that has flagged a wide range of concerns about the group led by billionaire Gautam Adani

Adani, Gautam Adani

Photo: Bloomberg

Reuters
(Reuters) -India's Adani Group on Monday denied a media report that said the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets, calling it "totally false and untrue."
The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), as well as a solar farm in Australia.
The NQXT, a major port for Queensland coal exports controlled by the Adani family trust, is being considered to raise funds to repay promoter debt, the Economic Times (ET) reported, citing sources aware of the fund-raising.
A spokesperson for Adani Group denied the report in an email to Reuters on Monday, without giving any other details.
As of Monday, the conglomerate led by billionaire Gautam Adani has seen about $147 billion wiped off its market value after Hindenburg Research accused it on Jan. 24 of improper use of offshore tax havens and stock manipulation.
The group has rejected all allegations of wrongdoing.
Adani Enterprises , the flagship firm of Adani group, closed down 9.3% on Monday and has lost around 65% since the Hindenburg report.
Australia's corporate regulator earlier this month said it will review the report that has flagged a wide range of concerns about the group led by billionaire Gautam Adani.
The Indian conglomerate is in discussions with several large high-yield global credit funds and has so far received two indicative term sheets from potential lenders which include hedge fund Farallon Capital Management, ET reported.
Farallon Capital declined to comment.
Meanwhile, Adani is holding fixed-income roadshows this week in Asia, as the conglomerate tries to shore up investor confidence.
(Reporting by Sneha Bhowmik and Mrinmay Dey in Bengaluru; Additional reporting by Nilutpal Timsina; Editing by Eileen Soreng, Rashmi Aich, Nivedita Bhattacharjee)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 27 2023 | 5:48 PM IST

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