Adani Group Chairman Gautam Adani recently faced a margin call of more than $500 million on a $1.1 billion share-backed loan, according to the Financial Times. This prompted him to repay the whole debt in order to avoid any further damage to investor confidence, which has been rocked by allegations of fraud by short-selling firm Hindenburg. Additionally, Adani Group also plans to prepay a $500 million loan due next month to a group of banks that includes Barclays, Standard Chartered and Deutsche Bank. The loan was lent to Adani to finance the purchase of Holcim Ltd cement assets last year and a portion of the loan is due March 9. Adani’s flagship firm Adani Enterprises called off its $2.5 billion share sale last week as a rout sparked by short-seller Hindenburg’s criticisms wiped billions off the value of the Indian tycoon’s stocks.
Today: December 10, 2023