(Bloomberg) -- At least 200 financial institutions around the world have had exposure to Adani Group’s $8 billion in dollar bonds, most of which slid into distress after a short-seller’s fraud allegations unleashed financial turmoil.

BlackRock Inc., the world’s biggest asset manager, held about $104 million of the Indian conglomerate’s US-currency notes, one of the largest holdings according to data compiled by Bloomberg based on the company’s most recent filings.

Creditors listed may include holdings of passive funds, which have little choice in what they buy or sell, as well as names of custodians or administers that don’t necessarily own the debt.

New Jersey-based Lord Abbett & Co. and New York-based Teachers Insurance & Annuity Association of America were also big holders, with over $101 million and $77 million respectively, according to filings.

The long list of mammoth funds including BlackRock that held Adani debt underscores how much demand there was to invest in the group before a scathing report by short-seller Hindenburg Research caused its stocks and bonds to tumble. To restore confidence in the conglomerate’s financial health, billionaire Gautam Adani is in talks with creditors to prepay some loans backed by pledged shares, a person with knowledge of the matter said. 

The size of the companies’ holdings may have changed since the fund documents were filed. BlackRock submitted filings on Adani bonds most recently on Feb. 1, while Lord Abbett and TIAA did so most recently in November, Bloomberg-compiled data show.

A BlackRock spokesperson declined to comment on the company’s individual holdings. A spokesperson for TIAA also declined to comment on its holdings. An email sent to Lord Abbett representatives was unanswered as of Friday.

The Bloomberg bond holders data only cover 18% of the outstanding amount of Adani’s debt as the notes are traded over the counter and not all holdings are reported. Rules on how funds disclose their holdings vary in different countries.

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