The Adani company of India aims repayment of nearly $800 million in share-backed debts by this month

March 01, 2023: -India’s Adani Group is willing to prepay or pay again the share-backed loans, which is nearly $690 million to $790 million, by March, two people with knowledge of the matter told, as the conglomerate wants to burnish its credit profile after a short-seller attack.

The plan comes even as the people hold Singapore’s and Hong Kong’s fixed-income roadshow to boost investor confidence between the share price decrease and a regulatory probe.

Adani Green Energy has plans to refinance its 2024 bonds through an $800 million, three-year credit line. It stated that the people refused to be identified as they were unauthorized to speak with the media.

The people said the group presented both plans to bondholders in Hong Kong on Tuesday. The three-day roadshow is designed to complete on Wednesday.

Chief Financial Officer Jugeshinder Singh informed Bloomberg News the group is not starting to refinance the debt or raise capital.

Seven listed Adani group companies have lost over $140 billion in market value from a January 24 report by Hindenburg Research alleging stock manipulation, improper use of tax havens, and flagging concerns regarding debt levels.

Adani has refused the allegations and denied wrongdoing.

Shares of flagship Adani Enterprises increased 7.8% while trading, whereas Adani Green Energy, was up 3.75%.

Editor's Choice

Posts You Might Like
Statistics Canada’s Early Data Leak Sparks Review

Statistics Canada’s Early Data Leak Sparks Review

Statistics Canada is investigating an accidental early release of June manufacturing data, raising concerns over data governance and market integrity. The agency has launched an internal review to strengthen its publishing protocols.

Teaching Value & Integrity | Steve Jani

The Fort McMurray First Nation Group of Companies is the wholly owned business entity of Fort McMurray 468 First Nation. It was established in 1987 as Christina River Enterprises, and the organization rebranded as FMFN Group in 2021. Providing Construction, Custodial, Petro-Canada Fuel & Convenience Store, and Transportation services to a broad portfolio of customers, the Group of Companies is creating financial stability and prosperity for the Nation.

The-corporate-magazine-15

Leave us a message

Subscribe

Fill the form our team will contact you

Advertise with us

Fill the form our team will contact you​