HONG KONG – India’s Adani Group plans to pre-pay or repay share-backed loans worth US$690 million to US$790 million (S$931 million to S$1.07 billion) by the end of March, two people with knowledge of the matter told Reuters, as the conglomerate seeks to burnish its credit profile after a short-seller attack.
The plan comes even as the group holds a fixed income roadshow this week in Singapore and Hong Kong to shore up investor confidence amid share price falls and a regulatory probe.
In addition, Adani Green Energy plans to refinance its 2024 bonds via an US$800 million, three-year credit line, said the people, who declined to be identified as they were not authorised to speak to media.
The group presented both plans to bond holders in Hong Kong on Tuesday, the people said. The three-day roadshow is scheduled to end on Wednesday.
An Adani Group spokesman did not immediately respond to a request for comment. Chief financial officer Jugeshinder Singh told Bloomberg News that the group is not looking to refinance debt or raise capital.
Seven listed Adani Group companies have lost more than US$140 billion in market value since a Jan 24 report by short-seller Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels.
The group has rejected the allegations and denied wrongdoing.
Shares of flagship Adani Enterprises were up 7.8 per cent in morning trade, while Adani Green Energy was up 3.75 per cent.
Even as many of the group’s at least 15 dollar bonds have rebounded from recent lows, they are still about 5 per cent to 18 per cent lower than where they were before Hindenburg released its report, amounting to a combined loss of about US$800 million, according to Bloomberg-compiled data.
Monday’s meetings took place at Singapore’s Capitol Kempinski hotel, with help from about a dozen global banks. Attendees were offered a presentation of more than 10 pages on topics ranging from earnings to the debt maturity profile, according to documents obtained by Bloomberg.
Some of those in attendance raised concerns over some of the debt and the recent volatility of bond prices, the investors said.
Separately, the asset management unit of JPMorgan Chase has wiped its environmental, social and governance portfolios clean of their exposure to the Adani empire. REUTERS
