Adani Enterprises’ Rs 1000 crore bond scheme in cold storage, was to be launched only last month.
Hindenburg Impact on Adani Group: Since the report of American short-seller Hindenburg Research, there has been a huge fall in the value of shares of Adani Group. Due to this, Adani Enterprises now had to postpone the plan of public sale of bonds. For the first time, Adani Enterprises had prepared a plan to raise up to Rs 1,000 crore through bonds. Earlier, Adani Enterprises’ Rs 20,000 crore follow-on public offer (FPO) had to postpone the plan for the public sale of bonds. For the first time, Adani Enterprises had prepared a plan to raise up to Rs 1,000 crore through bonds.
What was the plan of Adani Enterprises?
Adani Enterprises of the Adani Group of veteran businessman Gautam Adani had prepared a plan to issue public notes in January last month. Bloomberg gave this information in December. For this, Adani Enterpris was working closely with Edelweiss Financial Services, AK Capital, JM Financial, and Trust Capital. However, now the activities related to it have stopped. Edelweiss declined to comment on this. There was no immediate response from the three other financial firms. There was no response from the Adani Group spokesperson.
Hindenburg’s report spoils the movement of shares
American short seller Hindenburg has accused Adani Group companies of stock manipulation and accounting fraud. Adani Group has denied all these allegations but the pressure of a huge fall in the value of its shares and bolds is visible. According to Moody’s Investors Service, depending on the current circumstances, it may be difficult to raise money for the refinancing of loans or capital expenditure projects for the next one to two years.
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