Adani group to hold fixed-income investor roadshow in Asia next week

The group is boosting outreach to investors after its bonds and stock slumped following a critical report from short-seller Hindenburg Research published last month

The Adani Group will hold a fixed-income investor roadshow in Asia next week as the embattled Indian conglomerate seeks to repair the damage caused by a shock short-seller report.
 

The group will hold a roadshow in Singapore on Feb. 27, and Hong Kong on Feb. 28 and March 1, according to a person familiar with the matter. Among the executives in attendance will be group chief financial officer Jugeshinder Singh and corporate finance head Anupam Misra, said the person, who asked not to be identified because the matter is private. 

The empire of Indian billionaire Gautam Adani is seeking to stem fallout after a report by US short seller Hindenburg Research last month accused it of accounting fraud and stock manipulation — claims the group have denied. Adani’s US-currency bonds have slumped since the report was published, and the conglomerate faces maturities from a number of its companies by the end of next year. 

Moody’s Investors Service has cut the outlook on several Adani firms, citing concern over the impact of any big jump in funding costs.

Adani bonds were mixed Friday, according to data compiled by Bloomberg. Adani Green Energy Ltd.’s September 2024 bond was little changed at 79.8 cents per dollar at 2:45 p.m. in Hong Kong, while the 2029 note issued by Adani Ports & Special Economic Zone Ltd. rose 0.4 cents to 77.9 cents. 

The ports-to-power group has lost about $146 billion in equity market value since Jan. 24, when Hindenburg published its scathing report. The Adani firms have hired legal and communication teams, cut expenses and repaid debt as they seek to calm traders concerned about the group’s access to financing.

The Adani Group held calls with bondholders earlier this month as well.  

The companies have tapped international bond buyers for more than $8 billion in recent years, while also turning to global banks for at least as much in foreign-currency loans, data compiled by Bloomberg show.

Barclays Plc, BNP Paribas SA, DBS Bank Ltd., Deutsche Bank AG, Emirates NBD Capital, ING Groep NV, IMI-Intesa Sanpaolo SpA, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank extended the invitation for the roadshow to potential investors.