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Adani plans to repay up to $790 million share-backed loans by March: Report

According to two people familiar with the matter, India’s Adani Group plans to prepay or return share-backed loans totaling $690 million to $790 million by the end of March this year, as part of its efforts to repair its credit rating after a short-seller onslaught.

Adani Green Energy also intends to refinance its 2024 bonds with an $800 million, three-year credit line, according to the individuals, who declined to be identified because they were not authorised to speak to the media.

On Tuesday, Adani management presented these proposals to the group’s bondholders in Hong Kong.

An Adani representative did not immediately reply to a request for comment from Reuters.

Seven listed Adani Group firms have lost almost $140 billion in market value since a Hindenburg Research study on Jan. 24 said the organisation inappropriately exploited tax havens and manipulated stock prices and raised worries about its high debt levels.

Adani has refuted all charges of impropriety.

Adani has had bondholder calls earlier this month in an attempt to ease investor worries, during which company management announced refinancing plans at several of its divisions as well as intentions to totally prepay all debt against shares.

Aryan Jakhar
Aryan Jakhar
Aryan Jakhar is an Indian Journalist with over two years of active working experience. Aryan is currently working as editor-in-chief at BusinessHeadline.in and he is reachable on contact@businessheadline.in
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