The Hindenburg Report against the Adani Group has led to huge controversies. Following the report, Adani shares faced a major crisis. Adani’s debt burden has already been criticized for being high. Now, Bloomberg reports that the Adani Group’s debt has increased by around 21% in the last one year. As per the figures for the quarter ended in March, the Adani Group has borrowed mostly from global banks. Adani Group owns about 29% of such loans. This report has been published citing persons with access to internal information of the company. In the quarter ended last March, approximately US$ 3 billion of loans were repaid. According to the Bloomberg report, the shares pledged by the promoter group were recovered in this way.
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Meanwhile, Mint reported that Adani Group and three domestic mutual funds have settled their bonds. At least, the Adani Group has repaid Rs 36.50 billion (US$445.31 million) worth of commercial paper, the report said. But Adani Group is yet to give an official response on any of these issues.
Also Read:The share price is Rs 115; New stake in Porinchu Veliyath’s portfolio, bought 60,000 shares After the Hindenburg Report, Adani focused mainly on repaying the loans and gaining the confidence of the investors. This also aims to increase the image at the global level. As a part of this, it was also tried to convey the message that the financial position of the company is safe by taking back the pledged shares. Such repayments were made even in loans that were years away from maturity.
Meanwhile, there were also reports that the Adani Group was trying to refinance after repaying its loans. But Adani Group CFO Jugeshinder Singh denied this. Adani Group had responded amid the controversy regarding the loans by saying that the information regarding the loans of the Adani Group will be officially available through the March filing.
Disclaimer :This is not an investment/trading advice of any kind
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