From Breakingviews - Breakingviews: Adani’s financing safety-net rests on Indian banks
. The Adani group’s unadjusted debt, around $27 billion at current exchange rates, rose about 40% in the most recent full financial year. The tycoon had planned to raise $5 billion from equity markets in 2023 and to secure $3 billion in the first three months. He was also planning to refinance loans on his multi-billion cement deals, which were bankrolled by foreign lenders.
Adani group on the evening of Jan. 29 published a 413-page response to a Hindenburg Research report that sparked a sharp selloff in its shares. The Indian group noted that over three quarters of the 88 questions Hindenburg posed relate to previously disclosed matters, and that the bulk of the remaining questions relate to public shareholders, for which listed companies are not required to have information. Adani added the short attack was a calculated attack on India and its growth ambition.
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