Bank of Baroda, one of India's biggest state-backed lenders has said that it is willing to consider lending additional money to the Adani Group amid the row with the Hindenburg Research report which alleged improper use of tax havens and stock manipulation by the ports-to-energy conglomerate.
Sanjiv Chadha, chief executive officer and managing director said that the Bank of Baroda will extend loans to the conglomerate if it meets the lender’s underwriting standards. “I'm not concerned about the market volatility around Adani stocks," he added.
“You have underwriting standards and you stick to them in good times as well as bad times," Chadha said in an interview while declining to elaborate on the bank’s overall exposure to the tycoon’s business empire.
Bank of Baroda will consider extending loans to the group for its Dharavi redevelopment project after Adani Group bid 50.7 billion rupees for the project to remodel the slum last year, Chadha said as quoted by Bloomberg news.
“This is subject to an extended due diligence and depends upon concentration limits," he said.
Earlier this month, Chadha said that the Bank of Baroda's exposure to the Adani Group is about a quarter of what is permitted under the central bank's framework.
The Hindenburg report that alleged accounting fraud and stock manipulation at the Adani group, came just as a ₹20,000 crore follow-on share sale of the conglomerate's flagship firm Adani Enterprises opened.
The Adani group's listed firm lost about USD 125 billion in market value in three weeks after the report. Some recovery has been seen in the last couple of days.
Opposition parties used the Hindenburg report to attack the government, alleging PM Modi aided the Adani group's rise.
Adani group has maintained that its debt of ₹1.96 lakh crore as on September 2022 was balanced with assets it has and the revenues all the businesses are generating.
(With Bloomberg inputs)
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