Gautam Adani increases investor confidence through strategic sales in Group companies

1. GAUTAM ADANI INCREASES INVESTOR CONFIDENCE THROUGH STRATEGIC SALES IN GROUP COMPANIES

2. Despite the ongoing Adani tax evasion controversy, GQG Partners has contributed most of this amount, totalling $4.7 billion. According to an investment banker who has been closely monitoring the Group’s progress, investors should feel confident as a result. Adani Enterprises, Adani Green Energy, and Adani Energy Solutions (previously Adani Transmission) have received approval to raise 33,300 crores through QIPs. Over the following three years, projects will be funded with this amount.

3. GAUTAM ADANI GOING BACK INTO THE LOAN MARKET • Despite the market-wide controversy surrounding Adani tax evasion, unit Adani New Industries Ltd. has raised $394 million for a solar module project. With an improvement in its debt metrics, Adani Group has recently begun reappearance in the fundraising arena. Following Hindenburg’s January accusations of widespread corporate misconduct, the conglomerate is regaining investor confidence based on its most recent attempts to secure loan deals.

4. Strategy after the Adani tax evasion and malicious reports • In a report published on January 24, 2023, US short-seller Hindenburg Research accused the Adani Group of accounting fraud, manipulating stock prices, and improperly using tax havens. This led to a stock market meltdown that, at its lowest point, erased roughly USD 150 billion in market value. The report’s foundation was the Adani tax evasion scandal and stock manipulation. Adani Group is developing a comeback plan that includes: • Redefining its goals • Abandoning acquisitions • Prepaying debt to ease worries about its cash flows, borrowings and • Slowing down the rate it spends on new projects

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