Adani Enterprises shelves $122 million bond plan - Bloomberg News (updated)

A K Capital Services

04/02/2023 10:05

(Adds details and background)
       Feb 4 (Reuters) - Adani Enterprises Ltd  ADEL.NS  has
shelved a plan to raise as much as 10 billion Indian rupees
($121.65 million), Bloomberg News reported on Saturday. 
    The flagship firm of Indian billionaire Gautam Adani's
empire had planned the public note issuance for January, working
with Edelweiss Financial Services Ltd  EDEL.NS , AK Capital, JM
Financial, and Trust Capital, but activity has now stopped, the
report said, citing people familiar with the matter.
    Adani Enterprises called off its $2.5 billion share sale in
a dramatic reversal on Wednesday this week, after a rout sparked
by a U.S. short-seller's criticisms wiped billions more off the
value of the Indian tycoon's stocks. 
    The Indian markets regulator is already investigating the
matter, including the crash in the company's shares, any
irregularities in the now-shelved share sale and any possible
price manipulation, Reuters reported this week. 
    A spokesperson for Adani Group did not immediately respond
to Reuters request for comment. Edelweiss, AK Capital also did
not respond to requests for comment, while JM Financial and
Trust Capital could not be reached. 
    A report by Hindenburg Research last week alleged improper
use of offshore tax havens and stock manipulation by the Adani
Group. It also raised concerns about high debt and the
valuations of seven listed Adani companies.
($1 = 82.2060 Indian rupees)
 (Reporting by Jaiveer Singh Shekhawat in Bengaluru, Editing by
Alexandra Hudson, William Maclean)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))