Tuesday, November 28, 2023
HomeBusiness NewsAdani made scheduled U.S. bond payments, to release credit report Friday

Adani made scheduled U.S. bond payments, to release credit report Friday


Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022.

Indranil Mukherjee | AFP | Getty Images

Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, a bondholder and a source with direct knowledge of the Indian conglomerate’s strategy told Reuters.

The payments were made as Adani Group, led by Indian billionaire Gautam Adani, battles with a rout in its stocks in India and its U.S. bonds after last week’s critical report on its business practices by U.S. short-seller Hindenburg Research.

Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. The source with knowledge of the firm’s strategy said Adani Transmission also processed bond payments on Thursday.

Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the same source said.

The Adani Group did not respond to a request for comment.

Reuters calculations show that interest payments of a total of around $24 million were due on Feb. 2 on three bonds issued by Adani Ports and Special Economic Zone due to mature in 2031, 2032 and 2041.

Brokerage CLSA estimated in a Jan. 26 report that consolidated debt of the top five Adani Group companies — Adani Enterprises, Adani Ports, Adani Power, Adani Green and Adani Transmission, with some element of double counting — stood at 2.1 trillion Indian rupees ($25.60 billion).

Bank debt forms just 38% of the total debt, while “bonds/CP (commercial paper) constitute 37%” the CLSA note said.

See also  SoftBank Vision Fund posts another quarterly loss as tech slump bites

Adani’s fortune rose rapidly in recent years, but has plunged in just a week after U.S.-based Hindenburg published its critical research report on Jan. 24.

Although Adani has said it always complied with all disclosures, the repercussions have knocked $100 billion off the market capitalization of the group’s seven Indian-listed stocks.

The conglomerate’s dollar bonds slipped further into losses on Thursday, a day after its flagship Adani Enterprises Ltd called off a $2.5 billion share sale in a shock move.

Adani Green’s bonds maturing in September 2024 led the losses, falling 11.69 cents, to 60.56 cents, their lowest since issuance.

The U.S. dollar-denominated bonds of Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai were also trading lower.

Adani “will issue a detailed credit report by tomorrow evening close of business which will address the issues that from (a) credit point of view there is no liquidity (issue), no cash (issue), no other issue,” the source with direct knowledge of the Adani group’s thinking said.

Coupon payments for bonds will “continue as normal,” the source added, saying these had nothing to do with share price falls or the group’s current challenges.

Gautam Adani: The rise and rise of Asia's richest person


Source link

James Thomas
James Thomashttps://businessadvise.org
Hello, I am James Thomas blogger and content creator who specializes in personal finance and investing at Business Advise. I have been writing for over 5 years and have built a large following of readers who value practical advice and actionable tips. I'm committed to helping people take control of their financial futures and achieve their goals.

Most Popular

asia788dewata88Asia788 Maxwinasia788asia788DEWATA88dewata88linetogeltogelupprotogeltogelonjon4dbri4dwinstar4dneon4dangsa4ddesa4dklik4dcici4dkuy4dbni4dkenangan4doyo4dmiya4dasia788asia788kita99dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88dewata88key4ddragon4dpalu4dzara4dollo4dvisa4ddipo4dbingo4dambon4drasa4dwasiat4dneng4dpragmatic4dmenara4dgaruda4ddaya4dtata4daksara4dprada4dkingdom4droma4ddangdut4dtarget4darta4dvava4dyes4dtag4dloyal4dpola4dbajaj4dsisil4dpermen4dsenopati4dpapua4dpascol4dvenus4deropa4dkuat4dpedia4dks4dkekar4dlampung4dacong4dfantastic4dsega4doplet4dsuara4dpaitohk4dangkanet4dbetwin4datm4dlebah4dlima4dlipat4dibu4dtoto4dbarong4datas4diron4dbandit4dsemangat4dhut4dkoibet4dkebaya4daha4dmentos4dyolo4deak4dkelas4dtotal4dmamen4dvia4dhigh4djanda4ddewata88gacor7777asia788virgoBotuna4DBotuna4Dasia788asia788kita99kita99kita99asia788kita99Botuna4Dkita99kita99spaceman Virgobet88VIRGOBET88LOTRE4DASIA788ziptogelkita99virgobet88kita99kita99murah4dbukti4ddhx4dtante4dsbclive4dcalon4dmaya4dmedan4dstadium4dsekar4dtunas4dkumbang4dto4dtebar4dbocah4dneko4daxiata4dbibit4dkebaya 4doplet4dtoto 4dmaria togelbentengtogeltogel ccpt togelasiatogel88master togeldultogelindotogelzia togelspace togeldota togelkepri togeljeboltogeldagotogelpartaitogelpintu togeltoto88bola88kaisar888idcash88usaha188matahari88royal188garuda888mega288grandbet88prada188cocol88taktik88ovo88playbook88indolottery88tambang888lumbung88wayang88ugbet88oyo88gelora188ligaplay88sarang188probet88davo88mevius88gacor88nusantara88area188untung88v88totoorion88shio88subur88cipit88jago88soju88masterslot88dota88menangbet88pandora188megaslot88ajudan88sikat88situstogel88happybet188betwin188glowin88topslot88betslot88lineslot88olb88juragan88jingga88cukong88dewagame88visa288beton888ingatbola88liga788berlian888qq88asia988betdoremi88nona88bejo88spinhoki88cuan88kingbet188rajatoto88fixbet88suhu88mainslot88wslot888bintangbet88bintang88halo88planet88jpslot88gading88poka88arya88batara88bso88petir388autospin88ole388ciputra88Asia788Asia788Asia788Asia788Asia788asia788Slot SurabayaAsia788slot amerikaslot jepangslot koreatektok77slot kambojaslot jakartaslot asiaslot myanmarslot cinaSlot Eropaslot thailandslot kanadaslot taiwanslot hongkongslot anti kalahSlot Nigeriaslot vipslot hokislot vietnamkita99kita99kita99kita99kita99kita99kita99kita99kita99kita99kita99kita99tektok77virgobet88kita99virgobet88dewataslot88dewata888dewa888wukong138wukong138dewaslot88wukong138balislotkapalslotKAPALSLOTkapalslotkapalslottigerslot4dVirgobet88pohon4dpohon4dpohon4dpohon4dAsia788Asia788asiatogelAsia788kikislotkikislotkikislotkikislotSLOTUP88agen slot anti rungkatslotup88slotup88slotup88asia788