India's Adani Group on Monday, February 27,  denied a media report that said the Company was in discusions with global credit funds to raise up to USD 400 million in debt against some of its Australian assets, calling it "totally false and untrue." The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal, and also a solar farm in Australia.

The North Queensland Export Terminal , a major port for Queensland coal exports controlled by the Adani Group trust, is being considered to raise funds to repay promoter debt, media ET reported, citing sources aware of the fund-raising.However, a spokesperson for Adani Group denied the report on Monday, without giving any other details.

The billionaire Gautam Adani-led company has lost around USD 147 billion in market value as of Monday after Hindenburg Research accused it of stock manipulation and inappropriate use of offshore tax havens on January 24. The firm has denied every wrongdoing accusation.

The flagship company of the Adani Group, Adani Enterprises, lost 65% of its value since the Hindenburg report, closing down 9.3% on Monday. Australia's corporate watchdog announced earlier this month that it would examine the study that raised a number of issues with the Gautam Adani-led organisation.

According to a source in ET, the Indian conglomerate is in talks with several sizable high-yield global credit funds and has already received two indicative term sheets from potential lenders, including the hedge fund Farallon Capital Management. Farallon Capital opted not to respond.

Meanwhile, Adani is holding fixed-income roadshows this week in Asia, as the company attempts to shore up investor confidence.

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