The Gautam Adani-controlled Adani Group is reportedly on the brink of securing a substantial Rs 29,098 crore loan to refinance existing debt that had been utilized for the acquisition of Ambuja Cements Ltd, as per reports by Deccan Herald.
This development underscores growing creditor confidence in the conglomerate.
The deal, expected to be among Asia's top 10 largest loans this year, may be finalized this week.
The loan is anticipated to be priced at approximately 450-500 basis points, encompassing all-in costs over the benchmark secured overnight finance rate.
This lending arrangement will consist of three tenors: 6 months, 18 months, and 3 years.
This financial move follows months of negotiations with banks and follows allegations of fraud made by US short-seller Hindenburg Research, which resulted in a significant drop in the company's bonds and shares earlier this year.
The Adani Group's flagship company had previously raised 12.5 billion rupees ($151 million) in July by issuing local-currency bonds, as part of its effort to address and move beyond the Hindenburg claims.
Comments ↓
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.
