Adani Enterprises Jumps Over 30% In Two Days

Gautam Adani’s flagship company, Adani Enterprises Ltd., gained 30% in the last two days following roadshows in Singapore and Hong Kong that addressed bond holders.

The move follows reports suggesting the company has tied up commitments to raise debt to refinance existing debt. According to Reuters, the company has secured a $3 billion credit line from a Middle Eastern sovereign fund, with the option to increase the line to $5 billion. The agency did not disclose the name of the fund.

The commitments of the fundraisers reflect the confidence of the investors in the credit profile of the group. The Adani Enterprise shares corrected over 23% last week ahead of the roadshows.

All Adani Group shares ended the day higher for the first time since the Hindenburg report, with Adani Power, Adani Transmission, Adani Green, and Adani Total Gas all ending the day close to 5%.

NSE has placed Adani Enterprises under a short-term additional surveillance mechanism, while Adani Green, Adani Total, and Adani Transmission are under the long-term ASM framework.