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☆ Adani CFO says U.S. charges linked to only one business contract
▼ + stars: | 2024-11-24 | by ( ) www.cnbc.com time to read: +2 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. A U.S. bribery indictment of Indian billionaire Gautam Adani is linked to one contract of Adani Green Energy that makes up some 10% of its business, and no other firms in the conglomerate are accused of wrongdoing, the group's CFO said on Saturday. The allegations in the U.S. indictment relates to "one contract of Adani Green, which is roughly 10% of overall business of Adani Green", Singh said on X. Adani, which has several other global projects, is also charged with misleading U.S. investors about Adani Green's compliance with antibribery principles and laws. The charges also put the spotlight on Sagar Adani, a director at Adani Green and millennial scion of the company who kept track of hundreds of millions of dollars of alleged bribes to Indian officials on his mobile phone.

Persons: Gautam Adani, Adani, Jugeshinder Singh, Singh, Hindenburg, Sagar Organizations: Adani, World, Accountants, Energy, U.S, Indian Energy Locations: Mumbai, U.S, Adani, Kenya, United States

☆ Adani shares soar as US investor steps in
▼ + stars: | 2023-03-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in some of Indian billionaire Gautam Adani’s companies soared Friday after a US private equity firm agreed to invest nearly $1.9 billion in his embattled conglomerate. The Adani Group said Thursday that GQG Partners had bought $1.87 billion of stock in secondary market trades across four of its companies. Shares of the group’s flagship company, Adani Enterprises, soared nearly 17% following the announcement. Shares of Adani Ports rose almost 10%, while Adani Green Energy and Adani Transmission both gained 5%. And Australia-listed GQG Partners, which manages more than $92 billion in assets, doesn’t appear to share the concerns of other investors.

☆ Adani contrarian is a win for Hindenburg, too
▼ + stars: | 2023-03-03 | by ( Una Galani | ) www.reuters.com time to read: +6 min

GQG Partners is snapping up shares in four of the Indian tycoon’s nine core companies, including the flagship Adani Enterprises (ADEL.NS), along with Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS) and Adani Transmission (ADAI.NS). The mogul was trying to do just that last month with a $2.5 billion Adani Enterprise share sale before it was scuppered by Hindenburg’s sortie. Barring something truly exceptional, the scars of Hindenburg’s successful attack on Adani will linger for a while. GQG bought shares in Adani Ports and Special Economic Zone, Adani Green Energy, Adani Transmission and Adani Enterprises from entities owned by the Adani family. Adani has dismissed the allegations outlined in U.S. fund Hindenburg Research’s Jan. 24 report.

BENGALURU, March 2 (Reuters) - U.S. boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. U.S-based, Australia-listed GQG has, through block deals, bought shares worth 154.46 billion rupees in four Adani group companies, including the conglomerate's flagship firm Adani Enterprises (ADEL.NS), a regulatory filing showed. GQG took a 3.4% stake in Adani Enterprises for about $662 million, 4.1% in Adani Ports for $640 million, 2.5% in Adani Transmission for $230 million, and a 3.5% stake in Adani Green Energy for $340 million. "This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies," said Adani Group CFO Jugeshinder Singh. In the run-up to the announcement, Adani group shares rallied, with Adani Enterprises climbing nearly 35% over the last three sessions, Adani Ports 11% and Adani Green Energy 16%.

☆ India's Adani to repay up to $790 million share-backed loans by March, sources say
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: +1 min

Signage atop the Adani Group headquarters in Ahmedabad, India, on Wednesday, Feb. 1, 2023. India's Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March-end, two people with knowledge of the matter told Reuters, as the conglomerate seeks to burnish its credit profile after a short-seller attack. The group presented both plans to bondholders in Hong Kong on Tuesday, the people said. An Adani group spokesperson did not immediately respond to a request for comment. Chief Financial Officer Jugeshinder Singh told Bloomberg News the group is not looking to refinance debt or raise capital.

☆ Billionaire Gautam Adani, one of the world's richest people, has seen his net worth fall over $80 billion this year alone
▼ + stars: | 2023-02-27 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Gautam Adani's net worth tumbled over $80 billion since the start of 2023, according to Bloomberg. Adani's net worth is now just shy of $40 billion, according to the latest tally on Monday on the Bloomberg Billionaires Index, and is down more than $80 billion this year. He started the year with a net worth of $121 billion, according to the Bloomberg index, marking this a nearly 67% loss in net worth. In the course of about a week of trading after that, his worth declined $52 billion, according to the Bloomberg Billionaires Index. Musk is still ranked in second place among the world's richest people, with a net worth of $180 billion, according to the Bloomberg Billionaires Index.

☆ India's Adani to hold fixed-income roadshow next week in Asia
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 24 (Reuters) - India's Adani Group will hold a fixed-income roadshow next week in Asia, according to a bank document seen by Reuters, as the beleaguered conglomerate tries to shore up investor confidence in the aftermath of a U.S. short-seller report. Adani group executives, including group Chief Financial Officer Jugeshinder Singh, will attend the roadshows in Singapore on Feb. 27, and Hong Kong on Feb. 28 and March 1, the document showed. Dollar bonds of Adani Group were largely trading lower on Friday. Bonds of Adani Ports (APSE.NS) maturing in February 2031 led the losses, while some notes of Adani Green Energy (ADNA.NS) were marginally higher. Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are the banks organising next week's roadshow, according to the document.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

☆ Adani vs. Hindenburg: How Asia’s richest man lost his crown in just a few days
▼ + stars: | 2023-02-01 | by ( Jihye Lee | ) www.cnbc.com time to read: +5 min

Gautam Adani, billionaire and chairman of Adani Group, during an event at the Port of Haifa in Haifa, Israel, on Tuesday, Jan. 31, 2023. According to Forbes, Gautam Adani, the founder and chairman of the group, has lost his status as Asia's richest man to Mukesh Ambani, the chairman of Reliance Industries. Hindenburg, which said it has taken a short position in Adani Group, stands to benefit from the declining value of those stocks. Adani's battle with the short-seller firm has put the group's exposure to Wall Street — amounting to nearly $9 billion, according to JPMorgan — under the spotlight. In just one week, Indian billionaire Gautam Adani saw more than $34 billion wiped off his net worth, according to the Bloomberg Billionaires Index.

☆ Growth trajectory of Adani Group's underlying businesses not affected - CFO
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

NEW DELHI, Jan 30 (Reuters) - The growth trajectory of the underlying businesses of Adani Group has not been affected by the Hindenburg Research report that sparked a $48 billion rout in its stocks, Chief Financial Officer Jugeshinder Singh said on Monday. Speaking to local media, Singh said retail subscription would see "some pull back" in a $2.5 billion secondary share sale of the group's flagship company, Adani Enterprises (ADEL.NS). Reporting by Sudipto Ganguly; Editing by Krishna N. DasOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani Group CFO says stocks rout similar to colonial-era massacre
▼ + stars: | 2023-01-30 | by ( Krishna N. Das | ) www.reuters.com time to read: +2 min

REUTERS/Francis MascarenhasNEW DELHI, Jan 30 (Reuters) - India's Adani Group has said a U.S. short-seller's report on the business house was a "calculated attack" on the country and its institutions while a senior executive has compared a rout of its stocks with a colonial-era massacre. Adani's finance chief, Jugeshinder Singh, likened the behaviour of Indian investors participating in the sell-off to the colonial-era Jallianwala Bagh massacre in Amritsar city. Hindenburg said in a statement on Monday that the Adani Group was trying to "lead the focus away from substantive issues and instead stoked a nationalist narrative". "In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India itself," it said. Jawhar Sircar, a lawmaker from the opposition Trinamool Congress, posted on Twitter: "Since when is Adani = India?"

☆ Bill Ackman says he finds short-seller's Adani Group report 'highly credible' – and notes similarities to 'pyramid scheme' Herbalife
▼ + stars: | 2023-01-27 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Hindenburg Research accused India's Adani Group of "brazen stock manipulation" in report published this week. Pershing Square CEO Bill Ackman said he found the short-seller's report "highly credible and extremely well researched". Adani Group had inflated its own valuation by manipulating the stock market and committing accounting fraud, the report had said. "I found the Hindenburg report highly credible and extremely well researched," Pershing Square Capital Management CEO Ackman aid on Twitter late Thursday. Ackman also compared Adani Group to Herbalife – the multi-level marketing company that Pershing Square unsuccessfully shorted between 2012 and 2017 in one of the billionaire investor's biggest-ever losses.

☆ Adani Group says it's exploring 'remedial and punitive' legal action against a short-seller who accused it of market manipulation and fraud
▼ + stars: | 2023-01-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Short-seller Hindenburg levelled allegations of market manipulation and accounting fraud at Adani Group. Adani Group called the report "maliciously mischievous" and "unresearched." It's now looking at potential legal action against Hindenburg Research. Jalundhwala further said the resulting volatility in the Indian stock markets "is of great concern and has led to unwanted anguish for Indian citizens." The Adani Group said Hindenburg — which holds short positions against the conglomerate's companies — stands to "benefit from a slide in their share prices."

☆ Gautam Adani — the world's richest Asian — saw his net worth crash by more than $5 billion in a day after a short-seller targeted his business empire
▼ + stars: | 2023-01-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Indian billionaire Gautam Adani's fortune crashed $5.5 billion on Wednesday to $113 billion. Hindenburg said that the moves pushed up stock prices in seven key listed companies under the Adani Group, which in turn helped boost the industrialist's net worth by over $100 billion in three years. Adani, the chairman and founder of India-based conglomerate Adani Group, has been under the limelight in the last few years for his soaring net worth which gained over 50% in 2022, according to the Bloomberg Billionaires Index. Adani ended 2022 with a $121 billion fortune, but that is now down to $113 billion after the scathing Hindenburg report. Gautam Adani did not immediately respond to Insider's request for comment sent via the Adani Group.

☆ Hindenburg shorts India's Adani Group, flags debt and accounting concerns
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

The report, which comes days ahead of a $2.5 billion share offering by flagship firm Adani Enterprises (ADEL.NS), sent shares in Adani group firms sliding. It also said that seven Adani listed companies have an 85% downside on a fundamental basis due to what it called "sky-high valuations". Adani Chief Financial Officer Jugeshinder Singh told media on Jan. 21 "Nobody has raised debt concerns to us. Refinitiv data shows that debt at all the Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Shares in Adani Enterprises surged 125% in 2022, while other group companies, including power and gas units, rose more than 100%.

☆ Hindenburg says holds short positions in India's Adani
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 25 (Reuters) - Hindenburg Research said on Wednesday it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments, sending shares of companies in the Indian conglomerate sliding. The company has repeatedly dismissed debt concerns. Adani Chief Financial Officer Jugeshinder Singh told media on Jan. 21 "Nobody has raised debt concerns to us. Shares in Adani Ports And Special Economic Zone (APSE.NS) slid 4.8% on Wednesday to their lowest level since mid-July while Adani Enterprises, the group's flagship company, dropped 2.5% to a 12-week low. Shares in Adani Enterprises surged 125% in 2022, while other group companies, including power and gas units, rose more than 100%.

☆ Hindenburg says holds short positions in India's Adani, flags risks
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - Short-seller Hindenburg Research said on Wednesday it holds short positions in India's Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments. "Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing," Hindenburg said. Adani Chief Financial Officer Jugeshinder Singh said on Jan. 21 "Nobody has raised debt concerns to us. Adani Enterprises (ADEL.NS), the flagship company of ports-to-energy conglomerate Adani Group, has said it will raise $2.5 billion in India's largest follow-on public offering due this Friday. Shares of Adani Enterprises (ADEL.NS) surged 125% in 2022, while other group companies, including power and gas units, rose over 100%.

☆ Gautam Adani, Asia's richest man, slams short-seller Hindenburg's claims as 'baseless' and 'malicious'
▼ + stars: | 2023-01-25 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

Shares of Adani’s companies have surged in the last few years, making him Asia’s richest man. In 2021, shares in Adani’s companies tumbled after The Economic Times newspaper said that foreign funds that hold stakes worth billions of dollars were frozen by the country’s National Securities Depository. Its report on the Adani Group comes at a sensitive time. Later this week, Adani Enterprises, the conglomerate’s flagship company, is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares. Last year, CreditSights, a research firm owned by Fitch Group, published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns about its debt-funded growth plans.

Hindenburg, known for having shorted electric truck maker Nikola Corp (NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Shares in Adani Transmission (ADAI.NS) fell 9%, Adani Ports And Special Economic Zone (APSE.NS) slipped 6.3% and Adani Enterprises ended down 1.5%. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

☆ Gautam Adani, Asia's richest man, is addicted to ChatGPT
▼ + stars: | 2023-01-23 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

New Delhi CNN —Asia’s richest man Gautam Adani says he is addicted to ChatGPT, the powerful new AI tool that interacts with users in an eerily convincing and conversational way. “But there can be no doubt that generative AI will have massive ramifications,” Adani wrote in his post, adding that generative AI holds the “same potential and danger” as silicon chips. Chipmaking has emerged recently as a new flashpoint in US-China tensions, with Washington blocking sales of advanced computer chips and chip-making equipment to Chinese companies. Many of Adani companies have become leading players in their respective sectors. A college dropout and a self-made industrialist, Adani is worth over $120 billion, making him the world’s third richest man, ahead of Jeff Bezos and Bill Gates.

☆ India's Adani Group plans to demerge more business; dismisses debt concerns
▼ + stars: | 2023-01-21 | by ( M. Sriram | ) www.reuters.com time to read: +2 min

MUMBAI, Jan 21 (Reuters) - India's Adani Group, controlled by billionaire Gautam Adani, plans to spin off more businesses by 2028 and dismisses any debt concerns, the group's chief financial officer told Reuters. The Adani group has spun off its power, coal, transmission and green energy business in the last five-seven years. The company plans to use the money to fund green hydrogen projects, airport facilities and Greenfield expressways, besides paring its debt, it earlier said. CreditSights, part of the Fitch Group, described the Adani Group in September 2022, as "overleveraged" and said it had "concerns" over its debt. "Nobody has raised debt concerns to us.

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