Adani Group Plans To Repay Up To $790 Million Loans By March: Report

Seven of the ten major listed Adani Group companies have lost more than $140 billion in market value since 24 January 2023 - the day when US-based short seller Hindenburg Research published its report accusing the conglomerate of improper use of offshore tax havens, stock manipulation, and flagged concerns over debt levels.

New Delhi: In a fresh bid to boost investors’ confidence, Adani Group is planning to prepay or repay share-backed loans worth $690 million to $790 million by the end of March, reported Reuters quoting people with knowledge of the matter. Adani Green Energy Ltd also plans to refinance its 2024 bonds via an $800 million, three-year credit line, report said.

The embattled business conglomerate is holding a fixed-income roadshow in Singapore and Hong Kong to shore up  investor confidence amid share price falls and a regulatory probe. Adani Group has presented both the plans to bondholders in Hong Kong on Tuesday, the report added.

Adani Grou’s Chief Financial Officer Jugeshinder Singh had told Bloomberg News that this roadshow is not aimed at refinancing debt or raising capital.

Seven of the ten major listed Adani Group companies have lost more than $140 billion in market value since 24 January 2023 – the day when US-based short seller Hindenburg Research published its report accusing the conglomerate of improper use of offshore tax havens, stock manipulation, and flagged concerns over debt levels. Adani Group has repeatedly rejected any wrongdoing.

The road show, that is scheduled to end tomorrow, is followed by a series of investor meetings held in Singapore, where executives said the Indian conglomerate has enough money to repay debt due over the next three years in addition to an $800 million credit facility, as reported by the Mint.

As per Bloomberg-compiled data, even as many of the group’s at least 15 dollar bonds have rebounded from recent lows, they are still about 5 to 18 per cent lower than where they were before Hindenburg released its report, amounting to a combined loss of about $800 million.

On Monday, Adani Group had denied reports that said the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets, calling it “totally false and untrue.”

Adani Group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), as well as a solar farm in Australia.