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Adani Transmission to announce debt refinancing plans in a few weeks

Adani Transmission will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, according to a source with direct knowledge of the matter

Adani, Gautam Adani

Photo: Bloomberg

Reuters HONG KONG
HONG KONG (Reuters) -Adani Transmission will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, according to a source with direct knowledge of the matter.
The company, a unit of embattled Indian conglomerate Adani Group, has no plans to raise additional debt for capital expenditure, which it plans to cover with operating cash inflows, the executives said, according to the source.
The group, which did not immediately respond to a request for comment on Tuesday, had hired banks to arrange calls with bond investors to reassure them about the payment capacity of its operating companies after it was caught up in a short-selling storm in recent weeks.
The calls come after a Jan. 24 report by Hindenburg Research that alleged the conglomerate improperly used offshore tax havens and manipulated stocks. The report also flagged concerns over its high debt levels.
Seven listed companies of Adani have together lost some $125 billion in market value since then. Adani has rejected the concerns and denied any wrongdoing.
Dollar bonds that Adani firms issued have dropped sharply in value over the past few weeks, although they have pared back some losses in recent days.
Adani Transmission dollar bonds due in 2026 hit a record low of about 75 cents on the dollar earlier this month. They were seen at around 84 cents on Tuesday, according to Tradeweb data.
(Reporting by Xie YuWriting by Davide Barbuscia Editing by Franklin Paul and Mark Potter)

(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 21 2023 | 11:07 PM IST

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