The Adani Group, a major Indian conglomerate, is not planning to refinance debt or inject capital, according to its CFO Jugeshinder Singh. Singh made the comments during an investor roadshow in Hong Kong Tuesday, aimed at rebuilding confidence in the company, which has been hit by allegations of accounting fraud and stock manipulation from US short-seller Hindenburg Research.
The roadshow is the latest attempt by the Adani Group to reassure investors, after executives confirmed the company has enough money to repay debt due over the next three years and an $800m credit facility. Despite these efforts, most of the group’s dollar bonds remain below levels seen before the allegations were made.
Monday’s meetings took place in Singapore, with at least two investors saying they have been buying Adani bonds, while two others were cautious about new debt investments until corporate governance issues were resolved. The roadshow will continue in Hong Kong on Tuesday and Wednesday, at the office of Barclays Plc.
Gautam Adani’s net worth has dropped below $50 billion, as per the Forbes real-time billionaires index, due to allegations of misgovernance and fraud levied against the Adani Group by short-seller Hindenburg Research.
How Adani Group will perform in 2023?
Adani is now ranked 25th on the list of the world’s richest individuals, with a net worth of $47.9 billion. The financial disclosures made by Adani and his aides have come under question both domestically and overseas, causing concern in the financial market and prompting investors to reconsider their association with the Adani Group.
The fallout from Hindenburg’s allegations has been felt across the globe, with many groups and banks rethinking their investment in the Adani Group. The only bank that has provided full support to the Adani Group is the Bank of Baroda, a public sector bank in India.
The Indian stock market has also been impacted by the allegations, with Adani Group stocks experiencing volatile swings since the release of Hindenburg’s report. The situation has raised questions about the future of the Adani Group and its ability to maintain its current level of success.
Adani Enterprises Ltd is the flagship company of the Adani Group, a leading Indian multinational conglomerate with diversified interests in various sectors including ports, logistics, agribusiness, power generation, and renewable energy. Adani Enterprises is primarily engaged in trading, power generation, and coal mining. It also has interests in real estate, defense and aerospace, and edible oil businesses.
Adani Group is a large Indian conglomerate with interests in various sectors. Some of the major Adani-owned companies included Adani Enterprises Limited, Adani Ports and Special Economic Zone Limited, Adani Power Limited, Adani Transmission Limited and some other sector companies are involved in diverse sectors such as energy, infrastructure, logistics, mining, defense, and agribusiness.
