Adani Group to Repay up to $790 Million Share-Backed Loans by March
India’s Adani Group plans to repay or prepay share-backed loans worth $690 million to $790 million by the end of March. This move is intended to improve the conglomerate’s credit profile after it was targeted by a short seller attack, according to two sources familiar with the matter who spoke to Reuters.
Adani Group
Multinational conglomerate company
- Subsidiaries: Adani Enterprises, Adani Power, Adani Ports & SEZ, MORE
- Founded: 1988
- Headquarters: Ahmedabad
- Revenue: 2.3 lakh crores INR (US$29 billion, 2021–2022)
- Founder: Gautam Adani
- Owner: Public Limited
- Number of employees: 23,000+ (2023)
Adani Green Energy is also planning to refinance its 2024 bonds using a three-year credit line of $800 million, the sources said. However, they declined to be identified as they were not authorized to speak to the media. These plans were presented to the group’s bondholders in Hong Kong on Tuesday (February 28) by Adani management.
When contacted by Reuters, an Adani spokesperson did not immediately respond to the request for comment. Since the release of a report by Hindenburg Research on January 24 that alleged the group of companies had improperly used tax havens and manipulated stock, the seven listed Adani group of companies have lost over $140 billion in market value. The report also raised concerns about the conglomerate’s high debt levels.
Adani has rejected the allegations and denied any wrongdoing. Earlier this month, Adani held calls with bondholders to alleviate investor concerns. During the calls, group executives disclosed plans to refinance some of its units and to fully prepay all loans secured against shares.
Gautam Adani falls to 32nd rank
Gautam Adani’s net worth is in jeopardy since the release of a report by Hindenburg Research, while Adani Ground is trying to recover. According to the latest report from the Bloomberg Billionaires Index, Elon Musk has regained his position as the world’s richest person, surpassing France’s Bernard Arnault.
Tesla’s shares have been consistently growing for the past week, with the price per share reaching $207.63 on the last trading day. Gautam Adani, who is currently caught up in the Hindenburg controversy, is ranked 32nd on the list of the world’s richest people, with assets totaling $37.7 billion. Meanwhile, Mukesh Ambani with a net worth of $81.1 billion, is the 10th richest person globally.
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