Adani Group Denies Reuters Report on Securing $3 Billion from Sovereign Wealth Fund
Posted on 03/02/2023
Adani Group controls a number of companies including Adani Enterprises Limited. Reuters ran a story that Adani Group secured US$ 3 billion in financing from a Middle Eastern sovereign wealth fund. Reuters reported that Adani Group informed creditors that they secured a US$ 3 billion loan from a sovereign wealth fund. Adani’s empire is trying to assuage investors after a scathing short-seller attack wiped out billions in Adani Group-related listed companies. Adani Group is led by billionaire Gautam Adani and he has rejected the allegations and denied any wrongdoing.
“The said news item appears to be a market rumour… it would be inappropriate on our part to comment on it,” Adani Enterprises told the Bombay Stock Exchange in a response to a clarification the bourse.
The Adani Group denied the accuracy of the Reuters story.
GQG Partners
On March 2, 2023, GQG Partners completed a INR 15,446 crore (US$ 1.87 billion) series of secondary block transactions in the Adani portfolio companies. This companies include Adani Ports and Special Economic Zone Limited, Adani Green Energy Limited, Adani Tranmission Limited and Adani Enterprises Limited. Jefferies India Private Limited acted as a sole broker for the transaction. GQG Partners is a U.S.-based fund manager founded by Rajiv Jain. The stake sale appears to be through the Adani family trust.