India’s Adani Group aims to prepay or return share-backed loans totaling $690 million to $790 million by the end of March as it works to improve its credit standing following a short-seller onslaught.
The plan is being implemented as the firm conducts a fixed-income roadshow in Singapore and Hong Kong to bolster investor confidence in the face of declining share prices and a regulatory investigation.
According to the individuals, who asked to remain anonymous because they were not authorized to speak with the media, Adani Green Energy Ltd (ADNA.NS) also intends to refinance its 2024 bonds using a $800 million, three-year credit line.
According to the sources, the group delivered both proposals to bondholders in Hong Kong.
After a Hindenburg Research study, accused stock manipulation and inappropriate use of tax havens and raised worries about debt levels, seven listed Adani group firms have lost more than $140 billion in market value.