Adani bonds stable after company releases credit note

Mumbai: Adani Group's dollar denominated bonds remained stable Wednesday after the company released a credit note outlining the key credit aspects of Adani portfolio companies, reassuring nervous investors that there is no material refinancing risk and near-term liquidity requirement.

The bonds have been plunging since January 25 following allegations of stock manipulation and fraud by US-based short seller Hindenburg Research. The bonds were up 1-1.5 basis points on Wednesday.

"The bond has made marginal recovery and is stable now due to some private banks and distressed funds buying Adani Group bonds," said a bond trader.


Over the past week, Adani Group has repaid $1.1 billion loan against shares and made coupon payment on dollar denominated bonds to calm nervous investors. To give further update, Adani Group, Adani Green Energy and Adani Transmission will hold calls with bond holders between February 16 to February 21. Adani Group's fixed income call on February 16 will be attended by chief financial officer Jugeshinder Singh and head of group corporate finance Anupam Misra.