ADANI LATEST NEWS, Adani Company to take $220 million loan; First attempt after Hindenburg report – adani trying to get new loan

Adani Group’s joint venture company is looking for fresh loans. The goal is to raise about $220 million. The Adani Group is in discussions with around half a dozen banks in this regard. Bloomberg reports that the Adani Group is seeking offshore loans for the first time since the release of the Hindenburg report. The amount will be used for capital expenditures of data center provider Adani Connects, a joint venture of Virginia-based Edge Connects. Discussions regarding obtaining a loan for a period of five years are in progress. Reports indicate that the Adani Group will enter into a loan agreement within the next few weeks.

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But Adani Group is not ready to respond to such reports by Bloomberg. After the Hindenburg report came out on January 24, Adani shares fell by more than $100 billion. Adani Group had to stay away from aggressively developed business plans and new acquisitions.

Meanwhile, Adani had also started trying to repay the loans secured by the promoter shares. In the current situation, it is important for the company to raise more funds legally by any means. Following the sharp drop in share prices, some global financial institutions including some decided not to lend to the Adani Group by pledging Adani shares.

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But later GQG Partners’ investment in Adani shares and road shows in places like the US and Singapore helped the stock prices bounce back to some extent. Adani Group is trying to make a strong comeback despite the controversies surrounding Adani’s loan repayments. There are reports that the group is still trying to raise such foreign funds, including from the Gulf.

Disclaimer : This does not constitute investment/trading advice of any kind

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