BENGALURU, Feb 17 (Reuters) - Most Adani Group stocks
rose in early trading on Friday, as the conglomerate sought to
boost investor confidence after a short-seller attack wiped off
billions of dollars in investor wealth.
Adani Green Energy has a refinancing plan that the
company will disclose after the fiscal year ends, an executive
of the embattled Adani Group informed bondholders on a call on
Thursday, sources told Reuters.
Adani Green shares were up 3% on Friday, after losing nearly
70% since a Jan. 24 report by U.S. short seller Hindenburg
Research. Adani Power climbed 5%, while Adani Ports
and Special Economic Zone was marginally higher.
Seven of the conglomerate's listed companies have together
lost about $125 billion in market value since Hindenburg alleged
the group improperly used offshore tax havens and manipulated
stock, and flagged concerns over its high debt levels.
Adani Group has rejected the concerns and denied any
wrongdoing.
The Economic Times reported on Friday that Adani Group also
plans to completely pre-pay all loans against shares over the
next 20 days to ensure that borrowings are not linked to the
value of the shares after the debt repayment.
Adani Group did not immediately respond to Reuters' request
for comment on the report.
Avinash Gorakshakar, head of research at Profitmart
Securities, said the refinancing plans were positive for
sentiment, but the group's stocks would continue to remain
volatile.
"What we'll need to know is how they are going to fund their
future growth plans. Fresh funding is not going to come easy,"
he said.
Adani Green Energy bonds due in 2024 and offering a 4.375%
coupon jumped on Thursday to 84.5 cents on the
dollar from 75 cents a day earlier, according to Tradeweb data.
Adani Group's flagship firm, Adani Enterprises ,
was 1.5% lower on Friday, while Adani Total Gas shares , which have been hit the hardest by the report, were
down nearly 4%.
(Reporting by Chris Thomas in Bengaluru; Editing by Jamie
Freed)
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