Winning Bizness Desk
Mumbai. Hindenburg report casting havoc on Adani group and according to the market experts, agencies have now chipped in to explore the veracity. Indian stock market regulator Securities Exchange Board of India (SEBI) is going to investigate ACC and Ambuja Cement of the group. Both these companies were bought by Adani in May 2022 from Holcim of Switzerland. Offshore Special Purpose Vehicle (SPV) used in this can be investigated. This included 17 offshore SPVs.
No downgrade risk !
Sources said that the Adani group had given complete information about this to Sebi at that time, However, after the Hindenburg report it can now be re-examined. In July, Sebi started probing Mauritius funds which has a significant stake in 6 Adani Group companies. On the other hand, brokerage house Jefferies and CLSA released a report on Friday and it has said that whatever debt the company has, it is not at risk and is on average on the balance sheet. Hence there is no downgrade risk.
Total debt of Rs 1.9 lakh crore
A report states that the group has a total debt of Rs 1.9 lakh crore. Out of this, 60 thousand crores was taken for the purchase of cement companies. About 33 percent of this entire loan is from domestic banks. The rest is from foreign banks and bonds. Adani Green Energy, Adani Power and Adani Port have the highest debt of around Rs 1 lakh crore. Hindenburg said the company is at high debt risk and its shares are overvalued by 85 per cent. However, the Adani Group rejected the report on Wednesday. On Thursday, the group had said to explore the possibility of legal action in the matter.