Adani Group’s Asia tour seeks to win back debt investors’ faith
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About a dozen global banks will help host investor meetings at Capitol Kempinski hotel on Monday.
PHOTO: THE CAPITOL KEMPINSKI HOTEL SINGAPORE
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DUBAI – The Adani Group is kicking off a charm offensive with fixed-income investors in Asia in a bid to stem the fallout from short-seller Hindenburg Research’s allegations
About a dozen global banks were helping to host investor meetings in Singapore on Monday. The conglomerate backed by billionaire Gautam Adani will then hold meetings in Hong Kong at the Barclays office on Tuesday and Wednesday. Due to attend are group chief financial officer Jugeshinder Singh and corporate finance head Anupam Misra.
Mr Adani’s ports-to-power empire is seeking to shore up support after United States-based Hindenburg in January alleged malfeasance, wiping nearly US$150 billion (S$202.3 billion) off its stock market valuation. The Adani Group has repeatedly denied those claims.
Bonds issued by the group also plummeted, with the price of Adani Ports and Special Economic Zone’s 2029 notes tumbling to a low of 72 cents on the dollar on Feb 2 before recovering more recently to about 78 cents. A number of group firms face dollar debt repayments by the end of 2024.
At least 200 financial institutions – including BlackRock, the world’s biggest asset manager – have had exposure to the Adani Group’s US$8 billion in dollar bonds, data shows.
The conglomerate has held calls with fixed-income investors several times since Hindenburg’s Jan 24 report. Executives labelled the publication as “bogus” in a call with note holders just a few days later, according to participants. BLOOMBERG
