The Adani group is re-entering the loan market, six months after Hindenburg released its report accusing the group of involving in stock manipulation and accounting fraud for decades. The Adani group denied such reports as "a combination of a targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015."
The group is aiming at raising more than $1 billion. Adani Group is in talks with Barclays Plc, Deutsche Bank AG and Standard Chartered Plc to borrow between $600 million and $750 million. As per Bloomberg, this fund will be used to refinance the loan the company had taken to acquire Ambuja Cements Ltd.
Adani New Industries has raised $394 million via a loan from Barclays and Deutsche Bank for a solar module project. Ever since the Hindenburg report, the Adani group has been taking various efforts to garner investor confidence.
Also Read: GQG's stake in Adani group doubles in 5 months; owns Rs 25,746 crore worth of Adani shares
This step comes months after Adani group improved its debt metrics through fundraising. GQG partners has also raised their stake in the Adani group since the Hindenburg report scandal.
In May, GQG bought Adani stock worth $500 million in May and added $1 billion worth Adani shares in June. The GQG in July had said that its holding in Adani Transmission has jumped to 6.54%. That 6.54% alone was worth Rs 5,887.32 crore.