Adani Green Energy has a refinancing plan which the Indian company will disclose after the fiscal year ends, an executive of the embattled Adani group told bondholders on a call on Thursday, two sources with direct knowledge of the matter said.
Adani Group had hired banks to arrange calls with bond investors after it was caught up in a short-selling storm in recent weeks.
One of its subsidiaries, Adani Green Energy Limited Restricted Group, will refinance existing bonds through a 15-year amortizing private placement, the executive said, according to the sources.
Adani did not immediately respond to a comment request.
Adani Green Energy bonds due in 2024 and offering a 4.375% coupon jumped on Thursday to 84.5 cents on the dollar from 75 a day earlier, according to Tradeweb data.
Other Adani Green Energy debt securities also posted gains.
Seven listed companies of the conglomerate have together lost about $120 billion in market value since a Jan. 24 report by Hindenburg Research alleged the conglomerate improperly used offshore tax havens and manipulated stock, and flagged concerns over its high debt levels.
Adani has rejected the concerns and denied any wrongdoing.
Dollar bonds that Adani firms issued have dropped sharply in value over the past few weeks although they have pared back some losses in recent days.
Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies.
In a bid to calm investors, the conglomerate said earlier this week its companies faced no material refinancing risk or near-term liquidity issues.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app