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Banks are setting up meetings with fixed-income investors over the next week on behalf of Adani Group, Adani Green Energy and Adani Transmission.
The calls are scheduled for February 16 and February 21, according to a person familiar with the matter.
Barclays Plc, BNP Paribas SA, DBS Bank, Deutsche Bank AG, Emirates NBD Capital, ING Groep N V, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are organizing the calls. It’s unclear what will be discussed during the meetings.
Attention has shifted toward the debt pile of Adani Group companies after a bruising report from short seller Hindenburg Research wiped out more than $120 billion of the empire’s market value.
At least 200 financial institutions around the world — including the likes of BlackRock, the world’s biggest asset manager — have had exposure to Adani Group’s $8 billion in dollar bonds, most of which slid into distress after a short-seller’s fraud allegations unleashed financial turmoil.
The long list of funds with exposure to Adani’s debt underscores how much demand there was to invest in the group before the short-seller report caused its stocks and bonds to tumble.
To restore confidence in the conglomerate’s financial health, billionaire Gautam Adani is in talks with creditors to prepay some loans backed by pledged shares.
His flagship firm, Adani Enterprises, based in the tycoon’s home city of Ahmedabad in western India, posted on Tuesday net income of Rs 820 crore ($99.1 million) for the quarter ended December 31, compared with a loss of Rs 11.63 crore in the same period last year.
Adani Group companies said in a stock exchange filing that it faces no material refinancing risk and there is no near-term liquidity requirement. The company also has no significant debt maturing in the near term.
There weren’t enough brokerages tracking the company to derive an average profit forecast.
The calls are scheduled for February 16 and February 21, according to a person familiar with the matter.
Barclays Plc, BNP Paribas SA, DBS Bank, Deutsche Bank AG, Emirates NBD Capital, ING Groep N V, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are organizing the calls. It’s unclear what will be discussed during the meetings.
Attention has shifted toward the debt pile of Adani Group companies after a bruising report from short seller Hindenburg Research wiped out more than $120 billion of the empire’s market value.
At least 200 financial institutions around the world — including the likes of BlackRock, the world’s biggest asset manager — have had exposure to Adani Group’s $8 billion in dollar bonds, most of which slid into distress after a short-seller’s fraud allegations unleashed financial turmoil.
The long list of funds with exposure to Adani’s debt underscores how much demand there was to invest in the group before the short-seller report caused its stocks and bonds to tumble.
To restore confidence in the conglomerate’s financial health, billionaire Gautam Adani is in talks with creditors to prepay some loans backed by pledged shares.
His flagship firm, Adani Enterprises, based in the tycoon’s home city of Ahmedabad in western India, posted on Tuesday net income of Rs 820 crore ($99.1 million) for the quarter ended December 31, compared with a loss of Rs 11.63 crore in the same period last year.
Adani Group companies said in a stock exchange filing that it faces no material refinancing risk and there is no near-term liquidity requirement. The company also has no significant debt maturing in the near term.
There weren’t enough brokerages tracking the company to derive an average profit forecast.
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