The Adani group appears to have found a saviour who is ready to stump up a $3-billion loan to help it deal with an acute crisis that has engulfed its stack of dollar-denominated bonds.

Reports suggest that a sovereign wealth fund based in the Gulf has emerged as a backstop to deal with creditors baying for a solution to the problem that erupted after US short-seller Hindenburg Research came out with a report accusing the group of accounting fraud and stock manipulation over the past two years.

A Reuters report said senior officials of the Adani group had informed participants on the final day of a three-day fixed-income roadshow in Hong Kong that the credit line could swell to $5 billion.

The group has raised over $8 billion through these overseas bonds that were snapped up by a gaggle of foreign funds and boutique investment entities.

The conglomerate did not disclose the identity of the fund or the purposes for which it is being raised. But the announcement is expected to soothe concerns after bond investors turned extremely sceptical about the Adani group’s assertions that it could raise the money to tide over a short-term crisis. While there was no official comment from the group, the speculation is that the fund is from West Asia and it could be from Abu Dhabi.

The emirate has stepped in before to help Adani Enterprises, the group’s flagship, when it struggled to take its Rs 20,000- crore follow-on public offer over the line in late January.

At that time, International Holding Company had invested $400 million or Rs 3,200 crore to subscribe to the float. In 2022, the conglomerate had invested Rs 15,400 crore as primary capital in three Adani portfolio companies — Adani Green Energy Ltd (AGEL), Adani Transmission Ltd (ATL) and Adani Enterprises.

Observers said the group could use the proceeds to bring down its debt levels, free share pledges linked to the overseas bonds and rustle up the money to fund its ambitious capital expenditure programme.

They added that if the conglomerate is successful in securing the loan, it will be a sign of confidence shown by an overseas investor.

Since the US-based short-seller made its damaging allegations, the Adani group has been reaching out to foreign entities, particularly bond investors.

The group has been telling them that it has sufficient cash reserves to repay the debt.