Employees walk past the Adani House corporate building at the institutional area in Gurugram on Feb 8, 2023. (PHOTO / AFP)
HONG KONG – India's Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March-end, 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 China’s Hong Kong to shore up investor confidence amid share price falls and a regulatory probe.
Adani Green Energy Ltd also plans to refinance its 2024 bonds via an $800 million, three-year credit line, said the people, who declined to be identified as they were not authorized to speak with media.
The group presented both plans to bondholders in Hong Kong on Tuesday, the people said. The three-day roadshow is scheduled to end on Wednesday.
ALSO READ: Indian truckers say Hindenburg report a godsend in Adani dispute
An Adani group spokesperson did not immediately respond to a request for comment. Chief Financial Officer Jugeshinder Singh told Bloomberg News the group is not looking to refinance debt or raise capital.
Seven listed Adani group companies have lost more than $140 billion in market value since a Jan 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels.
Adani has rejected the allegations and denied wrongdoing.
READ MORE: Adani group stocks surge after $113 billion market wipeout
Shares of flagship Adani Enterprises Ltd were up 7.8 percent in morning trade, whereas Adani Green Energy was up 3.75 percent.