The RBI has sought details of how much money the companies under the Adani Group have borrowed from which banks and what collateral they have used to get those loans.
New Delhi: The Reserve Bank of India (RBI) has launched an ‘investigation’ into the allegations leveled against the Adani Group in the report of the New York-based Hindenburg Research. According to media sources, the central bank has already contacted all the banks or financial institutions that have given loans to any of the Adani Group companies. The RBI has sought details of how much money the companies under the Adani Group have borrowed from which banks and what collateral they have used to get those loans. However, no official statement has yet been made by the central bank or the Adani Group in this regard. On the other hand, market regulator Securities and Exchange Bureau of India (Sebi) is also reportedly looking into the fall in the share prices of various Adani Group companies after the publication of the Hinden Research report. SEBI is also looking into whether there has been any irregularities in the actual sale of shares by the Adani group. Meanwhile, the Adani Group has also withdrawn from the FPO market in the current turbulent situation. In this context, Adani Group Chairman Gautam Adani said on Thursday, "We have taken this decision keeping in mind the interests of the investors in view of the ongoing decline in the share market. We will return the money received from the FPO to the investors.”
According to a CLSA report, Adani Group's total bank loans, including term loans, capital and other financial assistance, are only 38 percent of the group's total loans. 37 percent of loans are bonds or commercial paper. 11 percent of the loans are taken from various financial institutions and the remaining 12-13 percent are internal loans of the group. Lenders of the Adani Group include Punjab National Bank (PNB), IndusInd Bank etc. It is known that PNB has given a loan of about 7000 crores to Adani Group. On the other hand, IndusInd Bank told the stock exchange that its loan to the Adani Group is 0.49 per cent of the group's total loans. Besides, the amount of non-funded outstanding loans given by banks is 0.85 percent of the total loans of the group. Besides, the loans given against fixed deposits of the group are 0.20 percent of the total loans of the group. Adani Group has admitted that their total debt in the market at the moment is 3000 crores. Of this, 900 million dollars have been borrowed from various Indian banks.
In this situation, the board of directors of the company in a meeting on Wednesday decided to cancel the FPO of their fully subscribed, 20 thousand crore equity shares in the interest of the customers. On January 27, Gautam Adani's firm Adani Enterprises issued an FPO to raise Rs 20,000 crore. On this day, Chairman Gautam Adani said, 'We have received full subscription of the FPO, for which we are grateful to the investors. Keeping in mind the market volatility, the Board of Directors has decided to cancel this FPO.
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