New Delhi: Adani group is in talks once again with lenders along with global banks for refinancing up to $3.8 billion of loan facility for acquiring Ambuja Cements Ltd. a year back. The group is considering to whether convert the original loan into debt with an increased maturity period and has already discussed matters with the lenders, cited the Bloomberg report.
The conglomerate is willing to conclude the process in the duration of four months with the participation of most of the lenders like Barclays Plc, Deutsche Bank AG, Standard Chartered Plc and Mitsubishi UFJ Financial Group Inc. However, the deal is yet to be finalised.
What will be the impact?
If the plan takes over, it would mean Adani Group’s business to be back as usual after months of damage control after US short-seller Hinderburg report’s serious allegations on the Adani Group, which cost the group $150 billion from the company’s stocks.
A year back Adani Group took over ACC Ltd and Ambuja in a $10.5 billion deal financed by bridge loans. Earlier this year, the group was trying to renegotiate terms of outstanding loans worth $4 billion taken last year to further buy the cement firms, as per a report by the Economic Times.
The panel ordered SEBI to complete its own (independent) investigation as soon as possible, according to the data provided by the regulator indicating ‘no evident pattern of manipulation’ in the prices of stocks of firms held by Adani Group.
