blr_p
Skilled
Getting back on the saddle, in just six months
Adani in talks for first major debt refinancing after Hindenburg
The ports-to-power conglomerate owned by Indian tycoon Gautam Adani is mulling whether to convert the original loan into debt with a longer maturity period and has started talking to banks individually about that plan, said the people, who asked not to be identified as the discussions are private.
economictimes.indiatimes.com
The effort is a significant test of whether global credit lines will open up to the company again after US shortseller Hindenburg accused the Adani Group of widespread corporate malfeasance in January. Adani has denied the allegations.
If the plan moves ahead, it would be the latest sign of the conglomerate returning to business-as-usual after months of damage control following Hindenburg’s scathing broadside that at one point shaved off over $150 billion from the company’s stocks.
A panel of experts appointed by the India’s Supreme Court also said in a report last month that there’s no regulatory failure or wrongdoing behind the wild swings of Adani stocks. Still, another verdict is expected from the India’s securities watchdog in August after finishing its probe into the shortseller’s allegations against Adani Group.