Business
India’s Adani Group to Hold Asia Fixed-Income Roadshow Next Week
(CTN News) – According to a bank document seen by Reuters, the troubled conglomerate is trying to restore investor confidence following a U.S. short-seller report by holding a fixed-income roadshow in Asia the next week.
According to the paper, leaders from the Adani group, including Group Chief Financial Officer Jugeshinder Singh, would attend roadshows in Singapore on February 27 and Hong Kong on February 28 and March 1.
Adani Group’s Efforts to Boost Investor Confidence After Short-Seller Report
After a Hindenburg Research study on January 24 claimed the group inappropriately used offshore tax havens, manipulated stock prices, and raised worries about its high debt levels, seven listed firms helmed by billionaire Gautam Adani have seen a loss in the market value of over $140 billion.
Adani has disputed the accusations and dismissed them.
Adani Group’s dollar bonds were primarily trading downward on Friday. While some notes of Adani Green Energy (ADNA.NS) were somewhat higher, Adani Ports (APSE.NS) bonds that matured in February 2031 led the losses.
To ease investor concerns, Adani already spoke with bondholders earlier this month. Group executives discussed plans to refinance some of the company’s units and fully prepay all loans secured by shares.
The document lists the banks organizing the roadshow for the following week as Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko, and Standard Chartered Bank.
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