India’s Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March-end, two people with knowledge of the matter told Reuters, as the conglomerate seeks to burnish its credit profile after a short-seller attack. Adani Green Energy Ltd also plans to refinance its 2024 bonds via an $800 million, three-year credit line. Seven listed Adani group companies have lost more than $140 billion in market value since a Jan. 24 report by Hindenburg Research alleged stock manipulation and improper use of tax havens, and flagged concerns over debt levels. Adani has rejected the allegations and denied wrongdoing. Shares of flagship Adani Enterprises Ltd were up 7.8% in morning trade, whereas Adani Green Energy was up 3.75%.
Today: December 2, 2023