New Delhi : Adani group which is taking a beating at the bourses here has made scheduled payments on outstanding US dollar dominated bonds, ANI reported quoting Reuters. Adani will release credit report Friday, the report said. The development comes amidst the billionaire facing the heat as the conglomerate battles with a rout in its US bonds as well after last week’s critical report on its business practices by US short-seller Hindenburg Research.
The two sources, at Adani Ports and Special Economic Zone Limited, on the condition of anonymity told Reuters that coupons were paid. The source with knowledge of the firm’s strategy said Adani Transmission also processed bond payments on Thursday, it reported.
Adani “will issue a detailed credit report by tomorrow evening close of business which will address the issues that from (a) credit point of view there is no liquidity (issue), no cash (issue), no other issue,” the source with direct knowledge of the Adani group’s thinking said, according to the report. Coupon payments for bonds will “continue as normal,” the source added, saying these had nothing to do with share price falls or the group’s current challenges, the news agency report said.
Embattled billionaire Gautam Adani released a video statement on Thursday on the decision to withdraw its Follow up Public Offer (FPO) of Adani Enterprises shares announcing that the abrupt move to withdraw a fully-subscribed share sale at his flagship firm was due to market volatility. The ports-to-energy conglomerate founder spoke publicly for the first time since the short seller's accusation of stock manipulation and accounting fraud.
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