Adani Transmission will announce debt refinancing plans in a number of weeks, executives stated on Tuesday in an investor name, based on a supply with direct data of the matter.
The corporate, a unit of embattled Indian conglomerate Adani Group, has no plans to boost extra debt for capital expenditure, which it plans to cowl with working money inflows, the executives stated, based on the supply.
The group, which didn’t instantly reply to a request for touch upon Tuesday, had employed banks to rearrange calls with bond buyers to reassure them concerning the fee capability of its working corporations after it was caught up in a short-selling storm in latest weeks.
The calls come after a Jan. 24 report by Hindenburg Analysis that alleged the conglomerate improperly used offshore tax havens and manipulated shares. The report additionally flagged considerations over its excessive debt ranges.
Seven listed corporations of Adani have collectively misplaced some $125 billion in market worth since then. Adani has rejected the considerations and denied any wrongdoing.
Greenback bonds that Adani companies issued have dropped sharply in worth over the previous few weeks, though they’ve pared again some losses in latest days.
Adani Transmission greenback bonds due in 2026 XS1391575161 hit a report low of about 75 cents on the greenback earlier this month. They had been seen at round 84 cents on Tuesday, based on Tradeweb knowledge.
