Adani Group on Wednesday dismissed media reports of the group having secured $3 billion from a sovereign wealth fund, news agency Bloomberg reported. Earlier in the day, Reuters had reported that the Gautam Adani-led group informed its creditors of fresh funding acquired from an undisclosed wealth fund.
Following the initial report of funding, BSE sought clarification from Adani Enterprises, Adani Group's flagship firm, about the new funding. The company did not post any clarifications with the exchange at the time of publishing this story.
Earlier, it was reported that the fresh funding is part of Adani Group's efforts to assuage the confidence of its investors after a damning report from US-based short-seller Hindenburg Research caused a massive hole in its market capitalisation. After the Hindenburg report caused a market rout on Adani Group companies, the conglomerate headed by billionaire Gautam Adani announced its plans to organise fixed income road shows in multiple locations across Asia.
The report of Adani Group raising fresh funds came a day after Adani management informed bondholders that it anticipated to prepay or refund share-backed loans worth between $690-$790 million by the end of this month.