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☆ The short seller who took on Adani and caused a $150 billion rout in the conglomerate's stock is releasing a new report — but it's not saying who's the next target yet
▼ + stars: | 2023-03-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Short seller Hindenburg Research teased it's releasing a new report. The research firm targeted the Adani Group in a January 24 report alleging manipulation and fraud. The research firm teased the upcoming report in a tweet on Wednesday, saying "New report soon — another big one." The report hit investor sentiment and sent Adani-related stocks into a tailspin, losing over $150 billion in about five weeks, according to Bloomberg. The Adani Group defended itself vigorously against Hindenburg's accusations, but the research firm also doubled down on its initial report.

☆ Adani Group suspends work on $4.2 bln project in India's Gujarat - PTI
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

March 19 (Reuters) - Adani Group has suspended work on a 349 billion rupee ($4.2 billion) petrochemical project at Mundra in India's western Gujarat state as it focuses on consolidating operations and addressing investor concerns after the Hindenburg shortseller report, according to the Press Trust of India. Adani Group did not immediately respond to a Reuters' request for a comment. On Jan. 24, Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels at the company, which Adani has denied. India's top court has since asked market regulator SEBI to investigate Adani Group for any lapses related to public shareholding norms or regulatory disclosures. read more($1 = 82.5200 Indian rupees)Reporting by Jahnavi Nidumolu in Bengaluru; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani prepays $2.15 billion share-backed loans
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - Adani Group said it had completed full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31. Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd – for $10.5 billion, its largest-ever acquisition. Hindenburg's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied. Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported last week. Reporting by Baranjot Kaur and Jahnavi Nidumolu in Bengaluru; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Adani seeks to sell stake in Ambuja Cement for $450 mln to reduce debt - FT
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Gautam Adani is seeking to sell a stake in Ambuja Cement (ABUJ.NS) for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter. Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said. The Adani Group did not immediately respond to a Reuters request for comment. The embattled Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd (ACC.NS) – for $10.5 billion, its largest-ever acquisition. Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday.

Entities rated by MSCI ESG Research include Adani Green Energy, Adani Power, Adani Total Gas, Adani Transmission and Adani Enterprises, according to the statement. This week, MSCI ESG Research flagged all its covered Adani Group entities for the metric of accounting investigations, while some were flagged for the securities valuations metric, it said. "Across various Adani Group entities, MSCI ESG Research has identified issues relating to governance, board independence, related party transactions, and controlling shareholders," the company said. Since the short-seller report release, MSCI ESG Research has added "Bribery and Fraud" and "Governance Structures" controversy cases to all Adani Group companies in its coverage, it said. Sustainability ratings company Sustainalytics downgraded corporate governance-related scores for some Adani Group companies last month.

☆ GQG Partners likely to increase Adani investment, says founder
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, March 8 (Reuters) - GQG Partners would likely expand its investment in the Adani group, the fund firm's founder Rajiv Jain said on Wednesday, a week after its $1.9 billion infusion into the embattled Indian conglomerate. GQG Partners, co-founded by Jain in 2016, 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 in January sparked a stock rout. Last week, pension fund investor Cbus Super, with A$71 billion ($46.82 billion) under management, told Reuters they had queried GQG about the Adani purchase. A GQG spokesperson said Jain's trip had been planned for some time and the discussions included topics other than Adani. Jain said he has not had a conversation with the Adani group since the transaction.

☆ Adani fallout could have political implications for India in the longer term, economist says
▼ + stars: | 2023-03-08 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The fallout from the Adani Group turmoil could have political implications for India, said a chief Asia Pacific economist at Natixis. While corporate governance issues affect countries globally, what is different about the Adani case for India is that its "highly political," Alicia Garcia Herrero told CNBC's "Squawk Box Asia" on Tuesday. Indian billionaire founder Gautam Adani has been under scrutiny after allegations in January from U.S. short-seller firm Hindenburg Research that accused the Adani Group of companies of fraud. Adani, India's top industrialist, has since lost his crown as Asia's wealthiest man. However, the long-term political fallout for India remains to be seen, the economist said.

SYDNEY, March 7 (Reuters) - GQG Partners Inc founder Rajiv Jain will meet clients and investors in Australia this week, the company said in a statement on Tuesday, and will explain its investment into embattled Indian Adani group. GQG Partners 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. "Rajiv Jain is visiting Australia this week to meet with investors. "It's also an opportunity to respond to any questions they have about the business including the Adani investment." It purchased the stock from the Adani family trust, according to the Indian firm's filings.

☆ India's Adani Group pre-pays over $900 million worth share-backed financing
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 7 (Reuters) - Embattled Indian conglomerate Adani Group said it prepaid share-backed financing of 73.74 billion rupees ($901.16 million), as it looks to allay fears over leverage and debt since a U.S. short seller's critical report sparked a stock rout. Promoters of the group's flagship firm, Adani Enterprises (ADEL.NS), will release 31 million shares, or a 4% stake, while Adani Ports' (APSE.NS) promoters will release 155 million shares, or an 11.8% stake, the group said in a statement on Tuesday. Promoters of Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS) will release 1.2% and 4.5% stakes in the respective companies. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said. GQG's founder Rajiv Jain will meet clients and investors in Australia this week to explain its investment in the Adani group, the company said in a separate statement on Tuesday.

SYDNEY/BENGALURU, March 3 (Reuters) - Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. Overall, Adani group firms' net debt totalled $24.1 billion as of September 2022. Adani Green Energy and Adani Transmission jumped 5% each. Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

☆ 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.

☆ Australian pension fund client queries GQG about Adani investment
▼ + stars: | 2023-03-03 | by ( Lewis Jackson | ) www.reuters.com time to read: +2 min

SYDNEY, March 3 (Reuters) - An Australian pension fund client of GQG Partners has asked the U.S. boutique investment firm for more information about its nearly $1.9 billion investment in the embattled Indian Adani group. GQG Partners 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. Cbus Super, with A$71 billion under management, has a A$243 million emerging markets mandate with GQG Partners. The $258 billion fund had no investments in Adani Group companies as of June 2022, according to a review of the most recent holdings disclosures. Shares of Australia-listed GQG Partners closed down 3% on Friday after news of the investment was made public.

☆ India's Supreme Court sets up panel to investigate Adani allegations
▼ + stars: | 2023-03-03 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesIndia's supreme court has set up an independent panel to investigate if there were regulatory failures related to allegations against the Adani Group , after a bombshell report from a U.S. short seller. The country's highest court directed a six member panel to probe "regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group," a Thursday court order said. India's Supreme Court action comes slightly over a month after Hindenburg Research released a lengthy report on Jan. 24, accusing Adani Group of stock manipulation and fraud. The panel will be headed by Justice Sapre, a retired judge of the Supreme Court. Both institutions told CNBC recently that their exposure to the Adani Group was manageable.

☆ 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 court asks regulator to check on Adani's related party transactions
▼ + stars: | 2023-03-02 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +3 min

The Supreme Court of India also ordered the formation of an investor-protection panel amid sharp falls in the Adani group's shares. The Supreme Court asked SEBI to check "whether there has been a failure to disclose transactions with related parties" and "whether there was any manipulation of stock prices in contravention of existing laws". Seven listed companies of the Adani group have lost about $135 billion in value since the report was published. In its rebuttal, Adani said "all related party transactions are at arm's length, properly disclosed and reviewed/audited by statutory independent auditors". The court also formed a panel to be headed by a retired Supreme Court judge to examine how investor protection mechanisms can be strengthened.

☆ This India ETF is the only one among its peers that's risen this year — and pros see more upside
▼ + stars: | 2023-03-02 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The VanEck Digital India ETF is the only India-focused stock exchange-traded fund listed on Western exchanges to have posted gains this year. The emerging market fund tracks the MVIS Digital India Index. "We suspect this will remain the dominant theme setting the direction for Indian markets in the near term." However, the short-term turmoil in Indian markets hasn't upset long-term bulls on the Indian economy, according to Dutch bank ING. CNBC Pro did not include the Canada-listed iShares India Index ETF and BMO MSCI India ESG Leaders Index ETF and U.S.-listed VanEck India Growth Leaders ETF owing to a lack of price targets from FactSet.

The credit line from the sovereign wealth fund could be increased to $5 billion, the sources said, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo. A third person familiar with the matter said Adani's management told investors it was from the Middle East. The news comes a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by the end of March. Reporting by Xie Yu in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Jason Neely and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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

HONG KONG, Feb 28 (Reuters) - India's Adani Group plans to prepay or repay share-backed loans worth between $690 million and $790 million by end of March this year, two people with knowledge of the matter said, as it seeks to burnish its credit profile after a short-seller attack. Adani Green Energy (ADNA.NS) also plans to refinance its 2024 bonds via a $800 million, three-year credit line, said the sources, who declined to be named as they were not authorised to speak to the media. Those plans were presented by the Adani management to the group's bondholders in Hong Kong on Tuesday. Adani has already held calls with bondholders earlier this month in attempts to assuage investor concerns, where group executives revealed refinancing plans at some of its units and also plans to completely pre-pay all loans against shares. Reporting by Xie Yu in Hong Kong; Editing by Sumeet Chatterjee & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

☆ Indian truckers say Hindenburg report was a godsend in Adani dispute
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: +1 min

Signage for the Adani Group in Mumbai, India on Feb. 9, 2023. Adani stocks fell, ending a two-day rally, after MSCI said it was reviewing the amount of shares linked to the group that were freely tradable in public markets. For truckers transporting cement from Adani's factories in a hilly north Indian state, a U.S. short-seller's critical research report on the giant conglomerate was a godsend they say helped them save their livelihoods. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani. The settlement comes four weeks after U.S.-based Hindenburg Research accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless.

Adani argued the plants were "unviable" at the trucking rates it wanted to slash by around half. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani. After the Hindenburg report, Congress has renewed its claims that Modi for years has unduly favoured Adani. The Adani group wanted freight rates to be lowered to around 6 rupees ($0.0725) per tonne per km, from around 11 rupees. "The Hindenburg report was a gift that saved our businesses."

☆ Adani Transmission to announce debt refinancing plans in a few weeks - source
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Feb 21 (Reuters) - Adani Transmission (ADAI.NS) will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, according to a source with direct knowledge of the matter. The company, a unit of embattled Indian conglomerate Adani Group (ADEL.NS), has no plans to raise additional debt for capital expenditure, which it plans to cover with operating cash inflows, the executives said, according to the source. Seven listed companies of Adani have together lost some $125 billion in market value since then. Dollar bonds that Adani firms issued have dropped sharply in value over the past few weeks, although they have pared back some losses in recent days. Adani Transmission dollar bonds due in 2026 hit a record low of about 75 cents on the dollar earlier this month.

☆ Beaten-up Adani stocks have now fallen below $100 billion in market value after coming under short-seller attack
▼ + stars: | 2023-02-21 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The combined market value of Adani Group's companies fell below $100 billion on Tuesday, per Bloomberg. The 10 listed companies have wiped out over $136 billion in market cap since a short-seller's bombshell report. The Indian conglomerate's 10 listed companies — with businesses ranging from power, ports, transmission, gas, green energy, and food — now have a combined equity market value under $100 billion, Bloomberg reported. But Adani Power was up 5%, and Adani Ports edged 0.6% higher. The Adani Group has denied the claims repeatedly and dismissed the report as "misinformation and stale, baseless and discredited allegations."

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