Billionaire Gautam Adani-led Adani Group is reportedly planning to repay share-backed loans worth almost $790 million. As per updates, if the plan works out, the mentioned loans may be repaid/prepaid by the Adani Group by the end of March this year itself.
According to a Reuters report, the Adani Group is planning to take this step in order to “burnish its credit profile” after the scathing Hindenburg Research report. It adds that even Adani Green Energy is planning to refinance its 2024 bonds via a $800 million, three-year credit line.
While there is no official confirmation yet from the Adani Group on any of these reports, the publication also adds that these plans were presented by the Adani management to the group’s bondholders in Hong Kong recently.
The Hindenburg Research report has caused a lot of damage to the Adani Group and seven of its listed companies including Adani Enterprises, Adani Transmission and others. As per the report, all these seven listed companies have lost over $140 billion in market value since January when the scathing report was released.
It must be noted that till date, despite all the ripple effects of the Hindenburg report, the Gautam Adani-led Adani Group has denied all allegations of fraud, stock manipulation and everything else that was listed by the short-seller Hindenburg. The group has affirmed its stance of right doings and also taken several steps to win over its investors.
Before the report of share-backed loans repayment surfaced, the Reuters report adds, that the Adani Group has already held calls with bondholders in attempts to “assuage investor concerns, where group executives revealed refinancing plans at some of its units and also plans to completely pre-pay all loans against shares.”