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Business News/ News / India/  Adani CFO says Group not seeking to refinance debt, inject capital at Hong Kong Roadshow

Adani Group isn’t seeking to refinance debt or inject capital, group chief financial officer Jugeshinder Singh told Bloomberg News on the sidelines of an investor roadshow in Hong Kong Tuesday.

When asked “Are you looking to refinance any debt?" Singh said: “No, we don’t have anything major at all." “There’s no transactions," he added, without specifying a timeframe or elaborating further. He also said “No" in response to the question: “Are you looking to inject any capital?," as reported by Bloomberg.

Adani Group is moving an investor roadshow to Hong Kong on Tuesday. The two-day roadshow in Hong Kong follows a series of investor meetings on Monday in Singapore, where executives said the Indian conglomerate has enough money to repay debt due over the next three years in addition to an $800 million credit facility.

Adani Group stocks have remained under pressure after a January 24 report by short-seller Hindenburg Research, which alleged the conglomerate was guilty of fraud and market manipulation. The Adani Group has rejected the claims.

Even as many of the group’s at least 15 dollar bonds have rebounded from recent lows, they are still about 5% to 18% lower than where they were before Hindenburg released its report, amounting to a combined loss of about $800 million, according to Bloomberg-compiled data.

Adani Group on Monday denied a media report that said the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets, calling it "totally false and untrue." The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal (NQXT), as well as a solar farm in Australia. A spokesperson for Adani Group denied the report in an email to Reuters on Monday, without giving any other details.

(With inputs from Bloomberg)

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Updated: 28 Feb 2023, 09:47 AM IST
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