Adani Group has secured a $3 billion (₹24,754.8 crore) loan from a sovereign wealth fund, per a Reuters report.
What Happened? A report citing two sources close to the embattled conglomerate said that the group has told creditors that it has secured a loan, which could be upsized to $5 billion (₹41,249.35 crore).
The sources referred to a memo that was circulated to participants as highlights of a three-day investor roadshow ending on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo, the report added.
The development arrives after Adani Group revealed on Feb. 28 that it plans to prepay or repay share-backed loans worth between $690-790 million (₹5,692 – ₹6,516 crore) by end of March 2023.
Last week, the Adani Group's Adani Ports & SEZ paid ₹1,500 crore loan and promised to repay more as the embattled conglomerate mapped a comeback strategy.
Read Next: Zomato Shares Pick Up As Blinkit Plans To Launch Urban Company Rival: Report
Per Bloomberg data, seven listed Adani Group companies have lost more than $140 billion in market value since a Jan. 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels.
Price action: Here’s how Adani Group’s listed companies were performing on Wednesday at market close:
Adani Enterprises Ltd. shares were trading almost 14.70% higher at ₹1,564.55.
Adani Green Energy shares were up 4.99% at ₹509.80
Adani Ports and SEZ shares are also up 1.61% at ₹602.15
Adani Power shares were trading 4.98% higher at ₹153.75
Adani Total Gas shares were in the green by 4.85% at ₹713.20
Adani Transmission shares were up by 5% at ₹674.65
Adani Wilmar shares were up by 4.99% at ₹379.45
ACC shares were trading at ₹1,769.40 after a 2.14% climb, while Ambuja Cement shares were up 3.32% at ₹353.40
NDTV shares were trading 4.99% higher at ₹199.75
Read next: Moody’s Improves India’s Economic Growth Forecast In Latest Projection: Here’s Why
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.