Adani Group mulls over repaying about $790 million loans by March
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Hong Kong: The Adani Group, which is still weathering the impact of Hindenburg revelations, is planning to settle share-backed loans.
The group is to prepay or repay loans worth between $690 million and $790 million by the end of March this year, Reuters reported quoting sources.
The report said that Adani Green Energy will refinance its 2024 bonds through a $800 million, three-year credit line.
The sources, who declined to be named, said that Adani management presented these plans to its bondholders in Hong Kong on Tuesday.
A spokesperson for Adani Group reportedly did not respond to press enquiry for details.
The bombshell revelations of Hindenburg Research led to Adani group of companies losing over $140 billion in market value.
On January 24, Hindenburg Research accused the group of manipulating stock, improperly using tax havens and raised concerns over its high debt levels.
Adani Group immediately came out with its reply rejecting all the allegations.
Earlier this month, Adani Group reached out to bondholders to assuage investor concerns.
The group’s executives told these meetings about the company’s refinancing plans and plans to completely pre-pay all loans against shares, according to the report.