Indian Adani to repay loans worth $790 mln by March end – ‎Sources ‎

Two informed sources said that the Indian Adani Group intends to repay loans secured by shares, some of which have not yet matured, with a value ranging between 690 and 790 million dollars by the end of March.

According to “Reuters”, this comes at a time when the group is conducting a promotional tour to offer bonds this week in Singapore and Hong Kong with the aim of enhancing investor confidence amid a decline in its share prices and its exposure to a regulatory investigation.

The two sources, who requested anonymity, said that Adani Green Energy also intends to refinance its bonds due in 2024 through a three-year credit line worth $800 million.

They added that the company presented the two plans to bondholders in Hong Kong on Tuesday. The three-day marketing tour is scheduled to end on Wednesday

A spokesman for Adani Group did not immediately respond to a request for comment. The company’s chief financial officer, Jogishender Singh, told Bloomberg that the group is not considering debt refinancing or raising its capital.

Seven companies within the Adani group have lost more than $140 billion of their market value since Hindenburg, a financial research firm, issued a report on January 24 that included allegations of stock fraud and tax fraud and cited concerns about debt levels.

Adani rejected these allegations and denied any wrongdoing

The share of its main company, Adani Enterprises, rose 7.8% in morning trading, while Adani Green Energy rose 3.75%.