Synopsis
The Hindenburg fiasco has caused much damage to the Adani Group. To tame stock volatility, Gautam Adani wants to focus on deleveraging, including promoter leverage. So far, he has paid USD2.65 billion including margin-linked, share-backed financing and a bridge loan towards the acquisition cost of ACC, Ambuja Cements. He also plans to reduce debt in group companies.
It has been over 45 days since Indian conglomerate, Adani Group, found itself in muddy waters following allegations of fraud by US-based short-seller Hindenburg. Since then, the group’s plan to raise funds via Adani Enterprises’ INR20,000 crore follow-on public offer (FPO) has been canceled, the capex plans have simmered down, and its US-traded bonds have tanked. On a war to tame the volatility in shares of group companies, Gautam Adani wants to
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