Adani Group to repay up to $790 mn share-backed loans by March: Reports

Adani Green Energy also plans to refinance its 2024 bonds via a $800 million, three-year credit line, said the sources, who declined to be named

Adani, Adani Group

Photo: Bloomberg

India's Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March-end, two people with knowledge of the matter told Reuters, as the conglomerate seeks to burnish its credit profile after a short-seller attack.
The plan comes even as the group holds a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid share price falls and a regulatory probe.
Adani Green Energy Ltd also plans to refinance its 2024 bonds via an $800 million, three-year credit line, said the people, who declined to be identified as they were not authorised to speak with media.
The group presented both plans to bondholders in Hong Kong on Tuesday, the people said. The three-day roadshow is scheduled to end on Wednesday.
An Adani group spokesperson did not immediately respond to a request for comment. Chief Financial Officer Jugeshinder Singh told Bloomberg News the group is not looking to refinance debt or raise capital.
Seven listed Adani group companies have lost more than $140 billion in market value since a Jan. 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels.
Adani has rejected the allegations and denied wrongdoing.
Shares of flagship Adani Enterprises Ltd were up 7.8% in morning trade, whereas Adani Green Energy was up 3.75%.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Feb 28 2023 | 12:14 PM IST

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