The Supreme Court (SC) is expected to pronounce the judgment tomorrow, January 3, in a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report.
Billionaire Gautam Adani’s conglomerate saw almost $60 billion of his personal wealth erased after US-based short seller Hindenburg Research report accused his group of market manipulation and accounting fraud in January 2023.
The group has since denied all such allegations and reworked its strategy, raising over ₹41,500 crore in equity and a double of that in debt last year. The Adani Group plans a ₹7 lakh crore capital expenditure over the next decade for expanding its infrastructure business, according to a recent investor presentation by company management.
Six companies, including power, ports, and airports, aim to utilize bond markets for funding. Around 80 per cent of funding will come from global debt issuances, with the remainder from domestic sources. The surge in Adani Group stocks boosted Chairman Gautam Adani’s wealth, reaching $84.3 billion, according to the Bloomberg Billionaires Index.
MORE TO COME
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Published: 02 Jan 2024, 08:23 PM IST