Lagatar24 desk
New Delhi, Feb 28: The Adani Group intends to prepay or return share-backed loans totalling $690 million to $790 million by the end of March, according to two persons with knowledge of the situation.
According to the individuals, who asked to remain anonymous because they were not authorised to speak to the media, Adani Green Energy also intends to refinance its 2024 bonds using an $800 million, three-year credit line.
The management of Adani submitted these proposals to the group’s bondholders on Tuesday in Hong Kong. A request for comment from Reuters was not immediately answered by an Adani official.
After a January 24 investigation by Hindenburg Research that claimed the company inappropriately used tax havens, manipulated stock, and raised worries over its high debt levels, seven listed Adani group firms had lost more than $140 billion in market value.
The Adani Group has denied the accusations and dismissed them.
In an effort to allay investor fears, the Adani Group already spoke with bondholders earlier this month. Group leaders discussed plans to refinance some of the company’s units as well as to fully prepay all loans secured by shares.
