India's top court to hear opposition lawmaker's petition against Adani
Supreme Court of india
India's Supreme Court has agreed to hear a petition from the opposition leader asking for an investigation into Hindenburg's allegations of financial fraud by the Adani group.
The petition is now listed for hearing on February 17 by the top court.
That comes on the heels of the Indian government and the market regulator, the SEBI, agreeing to the top court's suggestion for a committee led by a retired judge to look into the market rout in the Adani group and suggest improvements to the current regulations.
However, the SEBI has informed the supreme court that it is already investigating the Adani group over Hindenburg's allegations.
Watch |Indian Government accepts committee on Adani
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Can the Adani Group refinance without any trouble? In a credit report aimed at countering Hindenburg's critical allegations and calming investors, the Adani group said it has enough cash reserves and is fine with refinancing its debt or raising new capital. In the credit report, the group said the gross debt of Billionaire Gautam Adani-led firms stood at $27.3 billion at the end of September and expected it to remain around that amount by the end of March. Since the US research firm's probe became public, Adani group stocks have lost more than $120 billion. Given that the borrowing costs have risen for the Indian empire following that scathing Hindenburg report, scrutiny of the cash condition of group firms has increased. Picture this, the cost of borrowing for one of the Gautam Adani-led firms jumped as high as 36 per centand settled around 25 per cent. That clearly shows how expensive it is for Adani group companies to finance their debt. Before the Adani group's credit report on Tuesday aimed at reassuring investors, rating agency Moody's Investors Service had expressed doubts regarding Adani's capacity to raise money or refinance its outstanding debt coming due in the years to come. Also read |Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe Adani Group repays its debt to soothe investors' nerves The Adani group, for its part, has repaid some debt to boost investor confidence. The founders of Adani and their companies have paid off debts totaling $1.11 billion to free pledged shares and committed to reducing leverage in the upcoming months. The business empire also intends to prepay a $500 million bridge loan due next month, and the ports unit has revealed intentions to pay back some debt in April. Indeed, a Reuters report showed India's troubled Adani Group is in talks with lenders to repay a $500 million bridge loan facility it had acquired to purchase a controlling stake from Holcim in cement businesses ACC Ltd and Ambuja Cements Ltd last year.
(with inputs from agencies)
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