1 year ago
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Signage atop the Adani Group office successful Ahmedabad, India, connected Wednesday, Feb. 1, 2023. Bonds of the Indian billionaires flagship steadfast plunged to distressed levels successful US trading, and the institution abruptly pulled a grounds home banal offering.
Bloomberg | Bloomberg | Getty Images
India's Adani Group plans to prepay oregon repay share-backed loans worthy $690 cardinal to $790 cardinal by March-end, 2 radical with cognition of the substance told Reuters, arsenic the conglomerate seeks to burnish its recognition illustration aft a short-seller attack.
The program comes adjacent arsenic the radical holds a fixed-income roadshow this week successful Singapore and Hong Kong to enactment up capitalist assurance amid stock terms falls and a regulatory probe.
Adani Green Energy besides plans to refinance its 2024 bonds via an $800 million, three-year recognition line, said the people, who declined to beryllium identified arsenic they were not authorized to talk with media.
The radical presented some plans to bondholders successful Hong Kong connected Tuesday, the radical said. The three-day roadshow is scheduled to extremity connected Wednesday.
An Adani radical spokesperson did not instantly respond to a petition for comment. Chief Financial Officer Jugeshinder Singh told Bloomberg News the radical is not looking to refinance indebtedness oregon rise capital.
Seven listed Adani radical companies person mislaid much than $140 cardinal successful marketplace worth since a Jan. 24 study by Hindenburg Research alleged banal manipulation and improper usage of taxation havens, and flagged concerns implicit indebtedness levels.
Adani has rejected the allegations and denied wrongdoing.
Shares of flagship Adani Enterprises were up 7.8% successful greeting trade, whereas Adani Green Energy was up 3.75%.
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