Adani Group will reportedly hold fixed-income road shows this month in Dubai, London and across multiple cities in the United States, news agency Reuters reported. The shows will be held from March 7 to March 15. Adani Group management along with its chief executive officer Jugshinder Singh will take part in the road shows.
This action is a part of conglomerate's scheme to regain the confidence of its investors after a short-seller induced market rout caused a large dip in Adani owned entities’ market capitalisation. On 24 January, US-based short-seller Hindenburg Research published a report accusing the Gautam Adani-led group of fraud and stock price manipulation.
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Notably, Adani Group had organised a three-day road show across multiple cities in Asia this week, where it informed its investors that the group will pay back or prepay share-backed loans worth between $690 million and $790 million by the end of March. The road show was attended by several banks including include Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered.
On Thursday, the Supreme Court ordered market regulator Securities and Exchange Board of India (SEBI) to complete the investigation of the Adani -Hindenburg case within two months. The apex court has also asked SEBI to check if the allegations made by Hindenburg Research about stock price manipulation are true and if there has been a violation of Section 19 of SEBI rules.
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Earlier this week, according to some media reports, billionaire Gautam Adani-backed conglomerate received $3 billion loan from a sovereign wealth fund. However, Adani Group denied the claims, dismissing it as market rumours.
