The credit line from the sovereign wealth fund could be upsized to US$5bil (RM22.5bil), said the two sources. — Reuters
HONG KONG: India’s Adani Group has told creditors it has secured a US$3bil (RM13.5bil) loan from a sovereign wealth fund, two sources with knowledge of the matter say, as the conglomerate seeks to ease concerns about its credit profile after a short-seller report.
The credit line from the sovereign wealth fund could be upsized to US$5bil (RM22.5bil), said the two sources, citing a memo that was circulated to participants of a three-day investor roadshow that ended yesterday.
The identity of the sovereign wealth fund was not disclosed in the memo. The sources declined to be identified as they were not authorised to speak with the media.
A spokesperson for Adani did not immediately respond to a request for comment.
The fresh fundraising plan comes a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth US$690mil (RM3.1bil) to US$790mil (RM3.6bil) by the end of March.
The plans are being unveiled as the group holds a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid steep share price falls and a regulatory probe.
Seven listed Adani Group companies have lost more than US$140bil (RM628.9bil) in market value since a Jan 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens and flagged concerns over debt levels.
Adani has rejected the allegations and denied any wrongdoing. — Reuters
