Shares of most Adani group companies on Thursday climbed for the second straight day amid reports the group was looking to prepay loans, instilling confidence among investors. A report by ET suggested the Adani Group has received firm commitment for $800 million debt facility, which will be used to refinance the Adani Green Energy’s $750 million 4.375 per cent bond due in September 2024. The report suggested the debt facility can finalise the term sheet in next five days.
The report came after Reuters suggested that the group was looking to prepay or repay share-backed loans worth $690 million to $790 million by March-end. The Adani group is holding a fixed-income roadshow this week in Singapore and Hong Kong to shore up investor confidence.
The group chief financial officer Jugeshinder Singh and head of group corporate finance Anupam Misra would be meeting fixed income investors in Singapore and Hong Kong to update them about fundraise plans across businesses, ET reported.
Adani group stocks recover
Shares of Adani Enterprises Ltd rose 7.7 per cent to Rs 1,470. The scrip had rallied 14.22 per cent in the previous session, snapping a seven-day losing run. adanigreen-share-price-364724″ target=”_blank”>Adani Green Energy advanced 5 per cent to Rs 509.80. This scrip was up 5 per cent in the preceding session. adanipower-share-price-364880″ target=”_blank”>Adani Power Ltd, which was up 5 per cent on Tuesday, extended gains. This scrip was up 4.98 per cent at Rs 153.75.
Adani Wilmar Ltd rose 5 per cent to Rs 379.45.Adani Transmission Ltd added 2.40 per cent to Rs 658. Adani Ports Ltd was up 2.06 per cent at Rs 604.80. Adani Total Gas, however, fell 1.93 per cent to Rs 667.05.
Shares of Adani group saw a massive $150 billion in value erosion after a short-seller Hindenburg Research accused the group of accounting fraud and stock manipulation. The group has denied all allegations.
Adani group debt
The Adani group had a gross debt of Rs 2.26 lakh crore as of September 30, according to a stock exchange filing. Total cash and cash equivalents was Rs 31,646 crore. It faces a repayment obligation of Rs 17,166 crore between January 2023 and March 2024.
