Adani Transmission will announce debt refinancing plans in a few weeks, executives said on Tuesday in an investor call, said a report on Tuesday.
The company, a unit of the embattled Adani Group, has no plans to raise additional debt for capital expenditure, which it plans to cover with operating cash inflows, reported Reuters.
Adani Group had hired banks to arrange calls with bond investors after it was caught up in a short-selling storm in recent weeks.
A January 24 report by Hindenburg Research alleged the conglomerate improperly used offshore tax havens and manipulated stocks. The report also flagged concerns over its high debt levels.
Seven listed companies of Adani have together lost some $125 billion in market value since then. Adani has rejected the concerns and denied any wrongdoing.
Dollar bonds that Adani firms issued have dropped sharply in value over the past few weeks, although they have pared back some losses in recent days.
The report comes close on the heels of last week’s report that Adani Green Energy has a refinancing plan which it will disclose after the fiscal year ends.
Adani Group had hired banks to arrange calls with bond investors after it was caught up in a short-selling storm in recent weeks.
One of its subsidiaries, Adani Green Energy Limited Restricted Group, will refinance existing bonds through a 15-year amortizing private placement, the executive said, according to the sources.
Adani Transmission dollar bonds, due in 2026, hit a record low of about 75 cents on the dollar earlier this month. They were seen at around 84 cents on Tuesday, according to Tradeweb data.
