Adani rebuffs report of fundraise against Australian assets
New Delhi, February 27
Adani Group on Monday denied a media report that said the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets, calling it “totally false and untrue.” The ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), as well as a solar farm in Australia.
‘Totally false and untrue’
- The NQXT, a major port for Queensland coal exports controlled by the Adani family trust, is being considered to raise funds to repay promoter debt, a report said
- The Adani Group’s combined market capitalisation now stands at Rs 6.81 lakh crore as against a high of Rs 19.19 lakh crore on January 24
- The Adani Group has termed the report as ‘totally false and untrue’
Nine of the 10 Adani Group listed companies, led by flagship Adani Enterprises, lost ground during trading on Monday. Some of the impact might be due to the Hindenburg report but stock exchanges in most emerging countries lost ground due to the twin apprehensions of escalation of the Ukraine conflict and a higher interest rate hike by the US Fed.
Adani Enterprises lost over 9% and all the 10 listed companies have cumulatively lost Rs 12.37 lakh crore in market valuation since the Hindenburg report was made public on January 24. The Adani Group’s combined market capitalisation now stands at Rs 6.81 lakh crore as against a high of Rs 19.19 lakh crore on January 24.
Most of the firms hit their lower circuit limits during the day though some of them later recovered. Adani Ports was the only company to end the day with a gain of 0.55%.
The decline though cannot all be attributed to the after-effects of the Hindenburg report as the BSE index too declined for the seventh consecutive session.
Australia’s corporate regulator earlier this month said it will review the report that has flagged a wide range of concerns about the group led by billionaire Gautam Adani. — With Reuters inputs.
