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Adani Group launches $409 million bond sale since Hindenburg crisis

Livemint

Livemint · 1y ago

Adani Group launches $409 million bond sale since Hindenburg crisis

Indian conglomerate, Adani Group, is set to issue its first dollar bond, worth $409 million, as it seeks to regain investor confidence following allegations of fraud and stock manipulation by short-selling firm Hindenburg Research last year. Adani Ports will back the 18-year bond. The move comes after the company secured fresh equity backing from GQG Partners and refinanced $3.5 billion of debt. Some of the world's largest asset managers, such as Neuberger Berman Group, bought Adani bonds in the wake of the Hindenburg controversy, while Temasek exited its position entirely. Deutsche Bank, Barclays and Standard Chartered are among the banks enlisted for the bond issue.

Related News

Adani tells investors sale of overseas bond worth $409 million due next week

Livemint

Livemint · 1y ago

Adani tells investors sale of overseas bond worth $409 million due next week

Adani Group is planning to sell a new overseas bond worth $409 million, with the sale expected to occur next week. The Indian conglomerate has been facing scrutiny following allegations of malfeasance by short-seller Hindenburg Research. The group's capital-raising activities have raised concerns, but company officials have denied the claims. Adani Green Energy Ltd. and affiliated firms will issue the 18-year tenor debt to redeem $500 million of notes maturing in December. Adani Group has not commented on the matter.

Adani stocks recover after losing $19 bn amid Hindenburg's fresh allegations

VCCircle

VCCircle · 1y ago

Adani stocks recover after losing $19 bn amid Hindenburg's fresh allegations

Adani Group's stocks suffered a $19 billion loss in market value following allegations made by Hindenburg Research. The short-selling firm accused the head of India's market regulator of having links to offshore funds used by Adani. Adani's stocks partially recovered later in the day. This is not the first time Hindenburg has targeted Adani Group with allegations of improper use of tax havens. Despite the losses, Adani's stocks have generally regained value since Hindenburg's initial report in January 2023. Adani has denied all the allegations made against it.

Hindenburg responds to SEBI on Adani show cause notice: 22 key points of defence | Mint

Livemint

Livemint · 1y ago

Hindenburg responds to SEBI on Adani show cause notice: 22 key points of defence | Mint

Hindenburg Research has responded to the show cause notice from the Securities and Exchange Board of India (SEBI) regarding its allegations against the Adani Group. Hindenburg shared the full notice, calling it a "bizarre" attempt to intimidate those who expose corruption and fraud in India. The notice accused Hindenburg of misrepresentation, but the firm defended its research and argued that SEBI has neglected its responsibility to address widespread fraud in the country. Hindenburg also clarified that it had only one investor relationship in its Adani thesis and made around $4.1 million in gross revenue from Adani shorts.

Hindenburg-Adani Case: ‘Malicious, mischievous and manipulative’: Adani Group on US short seller’s latest allegations | Mint

Livemint

Livemint · 1y ago

Hindenburg-Adani Case: ‘Malicious, mischievous and manipulative’: Adani Group on US short seller’s latest allegations | Mint

Adani Group has dismissed allegations made by Hindenburg Research as "malicious" and "manipulative." In a statement, the conglomerate stated that its overseas holding structure is transparent and that the claims made by Hindenburg are recycled and discredited. Adani Group emphasized its commitment to transparency and compliance with legal and regulatory requirements. The allegations by Hindenburg Research relate to whistleblower documents regarding investments in offshore funds by SEBI Chairperson Madhabi Puri Buch and her husband, which they have vehemently denied.

'Hindenburg report tried to shake our foundation but...': Gautam Adani

Livemint

Livemint · 1y ago

'Hindenburg report tried to shake our foundation but...': Gautam Adani

In a speech in Mumbai, Chairman Gautam Adani of the Adani Group addressed the controversy surrounding a report released by short seller Hindenburg Research last year. Adani stated that the objective of the report was to destabilize the conglomerate and politically defame India's governance practices. Despite the attack, Adani emphasized the firm's resilience and focus on operations. The report had alleged money laundering and stock price manipulation by the Adani Group, leading to a significant sell-off in their stocks. Adani's net worth has since risen, and he is currently the 13th richest person on the planet.

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

Livemint

Livemint · 1y ago

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

In a recent annual general meeting, Gautam Adani of Adani Enterprises dismissed the Hindenburg report's allegations as baseless. While he did not name the short seller responsible, Adani stated that the attack on the company's financial standing was a calculated strike aimed at defaming them. The Hindenburg report had accused Adani of using tax havens, raising concerns about debt, and engaging in stock manipulation. The Adani group has strongly refuted these allegations, referring to them as unsubstantiated speculations.

SEBI sends letter to Hindenburg about Adani short bet

VCCircle

VCCircle · 1y ago

SEBI sends letter to Hindenburg about Adani short bet

US-based short-seller Hindenburg Research has received a letter from India's securities regulator, SEBI, outlining potential violations in relation to its short bet against Adani Group last year. Hindenburg disclosed that it made $4.1m in gross revenue through gains related to its Adani shorts from an undisclosed investor relationship. The short-seller also accused Indian firm Kotak Bank of overseeing an offshore fund structure used by its investor partner to bet against Adani. Hindenburg described SEBI's notice as attempted intimidation, accusing the regulator of neglecting its responsibility to protect investors. Adani and Kotak Bank have not yet responded to the allegations.

All Adani group stocks tumble; Adani Energy slumps 17%

YourStory

YourStory · 1y ago

All Adani group stocks tumble; Adani Energy slumps 17%

In early trading on Monday, all ten Adani group stocks experienced a slump, with Adani Energy dropping by 17%, following allegations made by US short-seller Hindenburg Research. Hindenburg claimed that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in offshore funds used by Vinod Adani to manipulate stock prices. This resulted in a decline in stocks for Adani Energy Solutions, Adani Total Gas, NDTV, Adani Power, and other related companies. Buch and her husband denounced the allegations, referring to them as an attack on SEBI's credibility.

Sensex, Nifty decline in early trade; Adani group stocks slump

YourStory

YourStory · 1y ago

Sensex, Nifty decline in early trade; Adani group stocks slump

Equity markets in India, including the Sensex and Nifty, declined at the start of the week due to investor caution surrounding a report by US short-seller Hindenburg Research. The report alleged undisclosed offshore investments by the SEBI chairperson and her husband, in connection with the Adani scandal. Adani group stocks, including Adani Enterprises and Adani Power, experienced significant declines. Despite a recent market rebound, concerns remain about potential disruptions from the Hindenburg report. The US markets ended higher on Friday, and Asian markets showed mixed results.

Leaving Hindenburg behind, Moody's upgrades four Adani firms

Livemint

Livemint · 1y ago

Leaving Hindenburg behind, Moody's upgrades four Adani firms

Moody's has upgraded the ratings of four Adani Group firms, including two green energy companies and two electricity generation and distribution companies. The upgrade comes after the group improved its financials, made timely debt repayments, and received a capital infusion in the past year. The ratings had previously been downgraded following allegations of governance lapses by US-based shortseller Hindenburg Research. Moody's justified the upgrade by citing the group's access to debt capital and equity market transactions. The Supreme Court stated that the Hindenburg report does not reflect the true state of affairs, reducing potential risks for the Adani group.

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