LUCKNOW : BSP supremo Mayawati on Saturday said the central government should clear the air over financial irregularities allegations levelled by Hindenburg Research against the Adani Group, reports PTI.
Hindenburg Research, a US-based investment research firm that specialises in activist short-selling, has alleged that Adani Group was “engaged in a brazen stock manipulation and accounting fraud”, a charge the conglomerate described as malicious, unsubstantiated, one-sided and having done with malafide intention to ruin its share-sale.
Mayawati said, “For the past two days, a negative report of American firm Hindenburg in relation to Adani Group and its effects on stock market, etc is in discussions more than the Republic Day. The hard-earned money of crores of people of the country is involved but the government is silent.”
“After the allegation of cheating etc in shares, Adani’s property and world ranking has decreased, but people are more worried about what will happen to the huge investment made by the government in his group. What will happen to the economy? Restlessness and worry are natural. The solution is needed,” she said in a series of tweets.
The BSP chief asked the government to clear the air by issuing a statement to “address the worries of the people”.
“At the beginning of the budget session of Parliament starting from January 31, the government should issue a detailed statement on this matter in both the Houses so that the restlessness, especially among the urban middle class, is reduced,” she added.
Hindenburg said its two-year investigation reveals that “the Rs 17.8 trillion (USD 218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”
Adani Group said it was shocked to see the report that came out without any attempt to contact it to get the factual matrix. “The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” the ports-to-energy conglomerate said in a statement. (With PTI inputs)
Y DOES AEL NEED FCCB or FOREIGN BONDS
TAKE ADANI GREE ENERGY (AGL) !
IN CHAIWALA’S INDIA, ADANI CAN GET AWAY WITH ANYTHING.SO,BORROW FROM INDIANS & ONLY TAKE EQUITY FROM 1ST WORLD
IN FY 22, AGL HAD 55000 CRORES OF LOANS & EQUITY OF 2600 CRORES = D/E OF 21:1
THAT IS OK ! ITS COMMISSIONED RE ASSETS (CRA) WERE RS 27000 CRORES & CWIP AT 19000 CRORES. ON THE 27000 CRORES OF CRA ,THE POWER SALES,WERE RS 3800 CRORES,ID.EST., 14%
PBT WAS RS 488 CRORES INTEREST INCOME WAS 444 CRORES.SO CORE RE PROFIT WAS RS 44 CRORES ONLY !
INTEREST COST WAS 2600 CRORES – 10% OF THE CRA !
BIG PICTURE.
AGL EARNS RS 44 CRORES OF CORE RE PROFIT (0.20% OF CRA), & HAS DEBT OF 55000 CRORES & THE GROSS POWER SALES ARE 14%OF RE COMMISSIONED ASSETS (WHICH 4% BEYOND DEBT COST).dindooohindoo
IF AGL HAS 55000 CRORES OF COMMISSIONED ASSETS,IT WILL HAVE A GROSS PROFIT,OF 2200 CRORES (POWER SALES LESS DEBT COST) ,BUT A PAT OF RS 110 CRORES (0.20% OF CRA) !
500 YEAR DEBT PAYBACK ! ONLY I CAN SAVE HIM ! SAMIR SARDANA
AGL HAS A DEPRECIATION OF 600 CRORES, SO CASH CORE RE PROFIT,AT 55000 CRORES OF CRA, WILL STILL BE,ONLY 648 CRORES – WHICH IS STILL A LONG PAYBACK
AS PER AGL LOANS FROM RELATED PARTIES IS ZERO !AGL IS A HOLDING COMPANY,WITH NIL RE ASSETS. ASSETS ARE WITH SPV ,VIA EQUITY AND CCD
AT END OF FY 22,SECURED DEBT WAS RS 28000 CRORES FROM BANKS AND FIS. SECURED USD BONDS WERE RS 12000 CRORES. THE AGL CRA AND CWIP IS 46000 CRORES
THERE IS 3000 CRORES OF UNSECURED LOANS,FROM STAND ALONE PARTIES, WHOSE REDEMPTION TERMS ,PRECEDE THE SECURED LOANS
IN SOLAR & WIND – 5:1 DEBT TO EQUITY FOR AN IPP, IS NORMAL,BUT THE AGL D/E IS WAY BEYOND 10:1
WHICH IS Y AGL GOT IN LIC/GIC/OIC/IOC/SBI FOR EQUITY !
& SO,NATHAN TARGETED THE 12000 CRORES US BONDS – & WILL PROVOKE THE UNSECURED CREDITORS,TO EXERCISE THE CALL OPTION,ON THEIR LOANS,TO BUST AGL.
& NATHAN PLANS TO CRACK THE LOANS,ON STOCK PLEDGES OF AGL -, THEN THE UNSECURED LOANS, WILL SINK THE COMPANY
NOW THE BANKS WILL NEED TO JUSTIFY THE AGL LOANS – WITH OR W/O STOCK PLEDGES.LOANS ON PLEDGES OF INFRA COMPANIES,WHICH ARE A FEW YEARS OLD,MAKES NO SENSE
SO ADANI USED THE SECURED STAPLED FINANCING FROM TOTAL SINGAPORE,WHICH IS A 35 YEAR NCD OF 4000 CRORES TO ACQUIRE THE SOLAR ASSETS OF A SPV OF AGL BUT THIS WILL REFINANCE AND RESTRUCTURE THE LOANS OF AGL. THE D/E RATIO WILL NOT REDUCE,THOUGH LIQUIDITY RATIOS WILL.
THE STAPLED TOTAL LOAN, IS SECURED BY THE INCOME AND ASSETS, OF A SPECIFIC SPV
AGL CAN GROW ONLY BY DEBT,AS EQUITY CANNOT BE DILUTED,BEYOND A POINT – ESPECIALLY VOTING SHARES
AND THAT IS WHERE COMES IN, THE AEL FPO.AEL TO RAISE EQUITY,AND ONLEND TO AGL,THUS ALSO BOOSTING AEL PROFITS,VIDE INTEREST.
AND THAT IS Y NATHAN HAS STRUCK NOW
IF THE AGL CWIP GET DELAYED OR THERE IS A NATURAL DISASTER IN THE AGL SITES -THAT WILL BE THE DOOMSDAY SCENARIO !
STAPLED FINANCING AND NON-VOTING EQUITY SHARES,IS THE WAY TO GO FOR AGL.
AGL HAS A DEPRECIATION OF 600 CRORES, SO CASH “CORE RE PROFIT”,AT 55000 CRORES OF CRA, WILL STILL BE,ONLY 710 (600+110) CRORES – WHICH IS STILL A LONG PAYBACK
AS PER AGL LOANS FROM RELATED PARTIES IS ZERO !
AGL IS A HOLDING COMPANY,WITH NIL RE ASSETS. ASSETS ARE WITH SPV ,VIA EQUITY AND CCD.
AT END OF FY 22,SECURED DEBT WAS RS 28000 CRORES FROM BANKS AND FIS. SECURED USD BONDS WERE RS 12000 CRORES. THE AGL CRA AND CWIP IS 46000 CRORES.
THERE IS 3000 CRORES OF UNSECURED LOANS,FROM STAND ALONE PARTIES, WHOSE REDEMPTION TERMS ,PRECEDE THE SECURED LOANS.
IN SOLAR & WIND – 5:1 DEBT TO EQUITY FOR AN IPP, IS NORMAL,BUT THE AGL D/E IS WAY BEYOND 10:1 WHICH IS Y AGL GOT IN LIC/GIC/OIC/IOC/SBI FOR EQUITY !
& SO,NATHAN TARGETED THE 12000 CRORES US BONDS – & WILL PROVOKE THE UNSECURED CREDITORS,TO EXERCISE THE CALL OPTION,ON THEIR LOANS,TO BUST AGL.
& NATHAN PLANS TO CRACK THE LOANS,ON STOCK PLEDGES OF AGL -, THEN THE UNSECURED LOANS, WILL SINK THE COMPANY
NOW THE BANKS WILL NEED TO JUSTIFY THE AGL LOANS – WITH OR W/O STOCK PLEDGES.LOANS ON PLEDGES OF INFRA COMPANIES,WHICH ARE A FEW YEARS OLD,MAKES NO SENSE
THEREFORE,ADANI USED THE SECURED STAPLED FINANCING FROM TOTAL SINGAPORE,WHICH IS A 35 YEAR NCD OF 4000 CRORES TO ACQUIRE THE SOLAR ASSETS OF A SPV OF AG,
BUT THIS WILL ONLY REFINANCE AND RESTRUCTURE THE LOANS OF AGL. THE D/E RATIO WILL NOT REDUCE,THOUGH LIQUIDITY RATIOS WILL. THE STAPLED TOTAL LOAN, IS SECURED BY
THE INCOME AND ASSETS, OF A SPECIFIC SPV.
AGL CAN GROW ONLY BY DEBT,AS EQUITY CANNOT BE DILUTED,BEYOND A POINT – ESPECIALLY VOTING SHARES AND THAT IS WHERE COMES IN, THE AEL FPO.
AEL TO RAISE EQUITY,AND ONLEND TO AGL,THUS ALSO BOOSTING AEL PROFITS,VIDE INTEREST.
AND THAT IS Y NATHAN HAS STRUCK NOW
IF THE AGL CWIP GET DELAYED OR THERE IS A NATURAL DISASTER IN THE AGL SITES -THAT WILL BE THE DOOMSDAY SCENARIO !
STAPLED FINANCING AND NON-VOTING EQUITY SHARES,IS THE WAY TO GO FOR AGL.SAMIR SARDANA