The Adani Group has reportedly repaid a $500 million bridge loan in order to regain the faith of its investors. As per updates, the Gautam Adani-led conglomerate has done this in line with several other payments to soothe the effects of the scathing Hindenburg Research report.
According to a report in the Economic Times, the money was released to lenders on Tuesday and till now, the company has not announced these details publicly. It adds that the move also comes at a time when some banks had refused to refinance the debt to Adani Group after Hindenburg report alleged fraud, stock manipulation and so on.
The report also mentions that since the Adani Group started taking measures to undo the effects of the report, the conglomerate has pre-paid about $2 billion of share-backed loans. It has also reportedly made bond repayments on time and gained $1.9 billion investment from Rajiv Jain of GQG Partners.
The scathing Hindenburg Research report, ever since its release has caused much harm to the Gautam Adani-led empire. What started as the empire witnessing a massive selling spree in Adani Group stocks, slowly stretched to the banking sector and other areas as well when some banks refused to engage in transactions with the group.
Since some of the Adani Group stocks also became volatile, the country’s National Stock Exchange (NSE) also had to step in to control this volatility. For this, the NSE initially placed some of these stocks under the ASM framework but later also removed them as things started settling.