Adani Enterprises Ltd on Thursday clarified that it hasn’t secured $3-billion credit from sovereign wealth fund and that it “appears to be a market rumour”.
“We would like to clarify that the said news item appears to be a market rumour and hence it would be inappropriate on our part to comment on it,” said the flagship arm of the embattled Adani Group in a stock exchange filing.
Reuters on Wednesday reported, quoting sources, that Adani Group has told creditors it has secured a $3-billion loan from a sovereign wealth fund as it seeks to ease debt concerns after a short-seller attack.
The credit line from the sovereign wealth fund could be increased to $5 billion, the report added. The identity of the sovereign wealth fund was not disclosed.
Seven listed Adani Group companies have lost more than $140 billion in market value combined since a Jan. 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels.
Adani, led by billionaire Gautam Adani, has rejected the allegations and denied any wrongdoing.