Adani Group’s senior management is meeting investors in Singapore and Hong Kong today, Jan. 17, and Friday, Jan. 19, respectively, to give updates on the group’s business after the Jan. 3 Supreme Court of India
ruling which found no grounds to transfer an investigation into allegations made by
Hindenburg Research against Adani Group from the Securities and Exchange Board of India to a Special Investigations Team, or to the Central Bureau of Investigation, or CBI, two sources close to the situation said.
Barclays Bank plc, MUFG and Standard Chartered Bank are helping the company arrange the investor meetings and calls, which are aimed at bolstering investor confidence, the sources said.
In addition to business updates, at today’s meeting in Singapore, the company also communicated to the investors that it will work on raising funds for both Adani Green Energy Ltd. and Adani Energy Solutions Ltd. to refinance their outstanding USD bonds and loans.
Adani Green has already
announced its plan for obtaining funding for its $750 million 4.375% bonds due September 2024, as reported. The company has been considering either a public USD bonds issue or a private USD bonds placement to refinance its $500 million 6.25% December 2024 bonds, as reported. Investors Reorg spoke to are of the view that the company is informally testing appetite for a public issue of USD bonds.
An Adani spokesperson could not be reached for comment immediately.
–Malvika Joshi, Dipika Lalwani