My bat did the talking: Gautam Adani after 1 year of Hindenburg attack
Hindenburg Research handcrafted a multi-billion dollar shock with a 106-page report published online, business tycoon Gautam Adani on Thursday said his bat did the talking in the aftermath of the shortseller's attack.
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«By pre-paying Rs 17,500 crore of margin-linked financing, we insulated and ring-fenced our portfolio from market volatility. I asked my leadership team to focus on businesses. This catalysed a record-breaking EBITDA growth of 47% in the first half of FY24, with
Adani's portfolio delivering its highest-ever quarterly profit in Q3 FY24. Our bat was doing the talking,» Adani wrote in a column today in The Times of India.
Timed just ahead of a Rs 20,000-crore follow-on public offer (FPO) of Adani Enterprises, the Hindenburg report created a furore in markets which quickly took a political turn. In just 7 trading sessions, the combined market value of all 10 listed Adani stocks was reduced to half.
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«In the fog of this war, our biggest weapon was adequate liquidity. To augment our strong cash reserves of Rs 30,000 crore, we further fortified our financial position by raising an additional Rs 40,000 crore, equal to the debt repayment for the next two years. We did this through stake sales in our group companies to investors of immaculate global standing, like GQG Partners and QlA. This got us an expansive war chest of cash reserves, restored confidence in markets and backed our goal of creating world-class infrastructure for India,» Adani recalled.
The self-made billionaire has a history of surviving black swan events. He was there in Mumbai's Taj Hotel during the
