Adani Group: Adani Group seeks to calm investors on $27 billion debts

Adani Group moved to reassure investors about its debts, saying there was no refinancing risk for its listed companies and its immediate cash situation was comfortable.

The conglomerate backed by Indian tycoon Gautam Adani had gross debt worth 2.26 trillion rupees ($27.3 billion) as of September, according to a filing on Tuesday. Its total cash balance amounted to 298 billion rupees.
The ports-to-power conglomerate is seeking to restore confidence after a report from an American short seller that wiped out more than $120 billion off its stock market value.
US-based Hindenburg Research accused the Adani Group of accounting fraud and stock manipulation in a Jan. 24 report — allegations the Indian conglomerate denies.
Adani founders and firms have so far shelved a $2.5 billion share sale and prepaid loans worth $1.11 billion to release pledged shares and promised to lower leverage in the coming months.
The ports unit has announced plans to repay some debt in the year starting April while the conglomerate plans to prepay a $500 million bridge loan due next month.