Adani says report on securing $3 bln loan from a sovereign wealth fund is market rumour

Adani Enterprises said on Thursday that a report about the conglomerate securing $3 billion loan from a sovereign wealth fund is a 'market rumour'.

"We would like to clarify that the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it," the company said in an excange filing.

Reuters reported yesterday citing two unnamed sources that Adani Group had told creditor about securing the loan. The credit line from the sovereign wealth fund could be upsized to $5 billion, the two sources said in Wednesday, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended yesterday.


The identity of the sovereign wealth fund was not disclosed in the memo.

Reuters reported that the news of a fresh fundraising plan came a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by end-March.

Seven listed Adani group companies have lost more than half their market capitalisation, which shrivelled to less than $100 billion, after a report by Hindenburg Research questioned conglomerate's debt levels and use of tax havens.