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%.