Adani shares continue surge after $1.87 billion GQG investment; more road shows lined up - Reuters
Adani shares continue surge after $1.87 billion GQG investment; more road shows lined up - Reuters
24x7liveindia
Mar 03, 2023 16:39
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Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence.
The stake purchase by the boutique investment firm marked the first major investment in billionaire Gautam Adani's conglomerate since a short-seller's critical report resulted in seven of the Indian group's listed firms losing about $130 billion in market value.
Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. REUTERS/Amir Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. The stake purchase by the boutique investment firm marked the first major investment in billionaire Gautam Adani's conglomerate since a short-seller's critical report resulted in seven of the Indian group's listed firms losing about $130 billion in market value.In the Jan. 24 report, U.S.-based Hindenburg Research noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied. A dive in Adani stocks then prompted the group to shelve a $2.5-billion share sale.Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. The meetings are scheduled for Dubai on March 7, London on March 8 and several U.S. locations between March 9-15, the document showed.Adani did not immediately respond to a Reuters' request for comment.Earlier this week, two sources with knowledge of the matter said Adani has told creditors it has secured a $3 billion loan from a sovereign wealth fund.Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters.The meetings are scheduled for Dubai on March 7, London on March 8 and several U.S. locations between March 9-15, the document showed.
Adani did not immediately respond to a Reuters' request for comment.Earlier this week, two sources with knowledge of the matter said Adani has told creditors it has secured a $3 billion loan from a sovereign wealth fund.
