A bondholder and a source with direct knowledge of the Indian conglomerate’s strategy told Reuters that Adani Group entities made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday.
New Delhi: Adani group is planning to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, reported news agency Reuters citing sources. A bondholder and a source with direct knowledge of the Indian conglomerate’s strategy told Reuters that Adani Group entities made scheduled coupon payments on outstanding US dollar-denominated bonds on Thursday.
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The development comes amidst the billionaire facing the heat as the conglomerate battles with a rout in its stocks in India and its US bonds after last week’s critical report on its business practices by US short-seller Hindenburg Research.
The two sources, at Adani Ports and Special Economic Zone Limited, on the condition of anonymity told Reuters that coupons were paid. The source with knowledge of the firm’s strategy said Adani Transmission also processed bond payments on Thursday.
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Adani “will issue a detailed credit report by tomorrow evening close of business which will address the issues that from (a) credit point of view there is no liquidity (issue), no cash (issue), no other issue,” the source with direct knowledge of the Adani group’s thinking said.
Coupon payments for bonds will “continue as normal,” the source added, saying these had nothing to do with share price falls or the group’s current challenges.
