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BENGALURU, March 2 (Reuters) - U.S. boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. U.S-based, Australia-listed GQG has, through block deals, bought shares worth 154.46 billion rupees in four Adani group companies, including the conglomerate's flagship firm Adani Enterprises (ADEL.NS), a regulatory filing showed. GQG took a 3.4% stake in Adani Enterprises for about $662 million, 4.1% in Adani Ports for $640 million, 2.5% in Adani Transmission for $230 million, and a 3.5% stake in Adani Green Energy for $340 million. "This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies," said Adani Group CFO Jugeshinder Singh. In the run-up to the announcement, Adani group shares rallied, with Adani Enterprises climbing nearly 35% over the last three sessions, Adani Ports 11% and Adani Green Energy 16%.

☆ India's Adani plans to repay up to $790 million share-backed loans by March - sources
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Feb 28 (Reuters) - India's Adani Group plans to prepay or repay share-backed loans worth between $690 million and $790 million by end of March this year, two people with knowledge of the matter said, as it seeks to burnish its credit profile after a short-seller attack. Adani Green Energy (ADNA.NS) also plans to refinance its 2024 bonds via a $800 million, three-year credit line, said the sources, who declined to be named as they were not authorised to speak to the media. Those plans were presented by the Adani management to the group's bondholders in Hong Kong on Tuesday. Adani has already held calls with bondholders earlier this month in attempts to assuage investor concerns, where group executives revealed refinancing plans at some of its units and also plans to completely pre-pay all loans against shares. Reporting by Xie Yu in Hong Kong; Editing by Sumeet Chatterjee & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani to repay up to $790 million share-backed loans by March, sources say
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: +1 min

Signage atop the Adani Group headquarters in Ahmedabad, India, on Wednesday, Feb. 1, 2023. India's Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March-end, two people with knowledge of the matter told Reuters, as the conglomerate seeks to burnish its credit profile after a short-seller attack. The group presented both plans to bondholders in Hong Kong on Tuesday, the people said. An Adani group spokesperson did not immediately respond to a request for comment. Chief Financial Officer Jugeshinder Singh told Bloomberg News the group is not looking to refinance debt or raise capital.

☆ India's Adani to hold fixed-income roadshow next week in Asia
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Feb 24 (Reuters) - India's Adani Group will hold a fixed-income roadshow next week in Asia, according to a bank document seen by Reuters, as the beleaguered conglomerate tries to shore up investor confidence in the aftermath of a U.S. short-seller report. Adani group executives, including group Chief Financial Officer Jugeshinder Singh, will attend the roadshows in Singapore on Feb. 27, and Hong Kong on Feb. 28 and March 1, the document showed. Dollar bonds of Adani Group were largely trading lower on Friday. Bonds of Adani Ports (APSE.NS) maturing in February 2031 led the losses, while some notes of Adani Green Energy (ADNA.NS) were marginally higher. Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are the banks organising next week's roadshow, according to the document.

☆ Sri Lanka investment board approves $442 mln Adani Green wind power plants
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

COLOMBO, Feb 22 (Reuters) - Sri Lanka's Board of Investment on Wednesday approved two wind power plants by India's Adani Green Energy Ltd (ADNA.NS) with a total investment of $442 million, a statement issued by the board said. "The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, they will be added to the national grid by 2025," the statement added. The Adani Group has denied any wrongdoing. The Sri Lankan Board of Investment statement said the Adani wind power project will generate 1,500 to 2,000 new job opportunities. Sri Lanka also aims to export renewable energy from its northern areas to southern India.

☆ Beaten-up Adani stocks have now fallen below $100 billion in market value after coming under short-seller attack
▼ + stars: | 2023-02-21 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +3 min

The combined market value of Adani Group's companies fell below $100 billion on Tuesday, per Bloomberg. The 10 listed companies have wiped out over $136 billion in market cap since a short-seller's bombshell report. The Indian conglomerate's 10 listed companies — with businesses ranging from power, ports, transmission, gas, green energy, and food — now have a combined equity market value under $100 billion, Bloomberg reported. But Adani Power was up 5%, and Adani Ports edged 0.6% higher. The Adani Group has denied the claims repeatedly and dismissed the report as "misinformation and stale, baseless and discredited allegations."

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

☆ Adani Group likely to repay short-term commercial paper borrowings - bankers
▼ + stars: | 2023-02-14 | by ( Bhakti Tambe | ) www.reuters.com time to read: +3 min

Adani Enterprises and Adani Ports and Special Economic Zone Ltd (APSE.NS) regularly raise funds by issuing CPs – short-term debt instruments issued to meet working capital requirements. "All payments are being made as per schedule," an Adani group spokesperson said in an e-mail, but did not respond to queries on whether investors are seeking early redemption. Adani Ports has CPs worth 35 billion rupees due to mature through end March, data from information service provider Prime Database showed. So, we may see them (Adani Group) staying away from the market for some time," said one banker, who regularly arranges debt issuances for the group. The Adani Group spokesperson denied media reports that these bond issues have been scrapped, saying this is "speculation" and "not true" in a reply to Reuters' mail.

☆ Adani crisis: Modi's party has 'nothing to hide', says India home minister
▼ + stars: | 2023-02-14 | by ( Sudipto Ganguly | ) www.reuters.com time to read: +3 min

[1/2] BJP President Amit Shah and Indian Prime Minister Narendra Modi are seen after the election results in New Delhi, India, May 23, 2019. The Adani group has denied the allegations and threatened legal action against Hindenburg. Without referring to Adani, Modi told parliament last week that the "blessings of 1.4 billion people in the country are my protective cover and you can't destroy it with lies and abuses", as opposition lawmakers chanted "Adani, Adani". Adani Power (ADAN.NS) and Adani Green Energy (ADNA.NS) fell too in a wider Mumbai market (.NSEI) that was up slightly. India's Economic Times daily reported on Tuesday that Adani group executives had been holding negotiations since last week with Abu Dhabi's International Holding Corp (IHC) for capital infusion into Adani Enterprises or other group entities.

☆ Moody's cuts outlook for four Adani group companies, cites rapid declines in market value
▼ + stars: | 2023-02-13 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Sopa Images | Lightrocket | Getty ImagesMoody's lowered its outlook for four Adani Group companies on Friday, citing a "significant and rapid decline" in the market values of the entities, the ratings agency said in a notice. It cut the outlook for Adani Green Energy from stable to negative, alongside Adani Transmission Step-One, Adani Electricity Mumbai and Adani Green Energy Restricted Group – an entity that includes Adani Green Energy, Parampujya Solar Energy, and Prayatna Developers. "These rating actions follow the significant and rapid decline in the market equity values of the Adani Group companies following the recent release of a report from a short-seller," Moody's said. Adani group companies have lost more than $100 billion in market capitalization as shares plunged since the Hindenburg report. Credit concernsFor Adani Green Energy, Moody's said the downgrade to negative takes into consideration the company's large capital spending program and dependence on support from its sponsors.

☆ Adani group firms pledge shares for lenders of flagship company – SBICAP Trustee
▼ + stars: | 2023-02-11 | by ( ) www.reuters.com time to read: +2 min

Feb 11 (Reuters) - Three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises (ADEL.NS), which pulled a $2.5 billion share sale during a recent market rout, the debt trustee firm said. Adani Ports and Special Economic Zone (APSE.NS), Adani Transmission Ltd (ADAI.NS) and Adani Green Energy Ltd (ADNA.NS) pledged shares to SBICAP Trustee Co, the firm said in Friday filings to the Bombay Stock Exchange. SBICAP Trustee said it had received the pledges in its capacity as "security trustee" of the lenders of Adani Enterprises. Fitch estimates that loans to all Adani group entities account for 0.8% to 1.2% of total lending by Indian banks rated by the agency. The Adani exposure of Indian banks is not enough to affect their credit profiles, two global rating agencies have said.

One U.S. holder of Adani bonds looked to buy more this week but said his trade orders were not being executed because of lack of available paper. Another U.S. based emerging markets focused money manager who held Adani bonds said he was sitting tight on his position. Indian companies have not been prolific issuers of U.S. dollar bonds and Adani's bonds with secured assets were seen as providing direct, quality exposure to the fast-growing economy. Another source, a U.S. based hedge fund manager, said he was looking to short Adani's dollar bonds after the Hindenburg report but was finding it difficult to borrow bonds to sell. Bid-offer spreads, a measure of liquidity, widened significantly after the Hindenburg report, Tradeweb data showed.

☆ Gautam Adani will be playing defense for a while after mauling by Hindenburg
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The sprawling Adani Group, which he founded over 30 years ago, has established interests in industries ranging from logistics to mining. “We view this as validation of our findings on offshore stock parking by Adani,” Hindenburg founder Nate Anderson said on Twitter. In its report, Hindenburg had alleged that “offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ holders of Adani stock.”An Adani Group spokesperson declined to comment. Meanwhile, Norway’s sovereign wealth fund, said Thursday it has “for all practical purposes…fully divested,” from the Adani companies. The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission.

☆ Norway wealth fund has sold its stakes in Adani companies
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

OSLO, Feb 9 (Reuters) - Norway's sovereign wealth fund has sold its stakes in three Adani Group companies worth just over $200 million since the start of the year, the world's largest stock investor said on Thursday. The $1.35 trillion fund at the end of 2022 held stakes in Adani Total Gas (ADAG.NS), Adani Ports & Special Economic Zone (APSE.NS) and Adani Green Energy (ADNA.NS). "We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks," he said. Norway's sovereign wealth fund at the end of 2022 held a stake in Adani Total worth $83.6 million, a stake in Adani Ports worth $63.4 million and a stake in Adani Green Energy of $52.7 million. The fund, managed by a unit of the central bank, owns 1.3% of all globally listed shares with stakes in some 9,200 companies.

☆ Adani Group Bonds Claw Back Losses After Distressed-Debt Investors Pile In
▼ + stars: | 2023-02-08 | by ( Frances Yoon | ) www.wsj.com time to read: 1 min

Some of the bonds sold by Adani Group companies have recovered around half of their losses since the publication of a short seller’s report late last month, after investors that specialize in beaten-down debt jumped in to buy them. Dollar bonds of Adani Green Energy Ltd. that are due to mature next September rose around 5 cents on the dollar on Wednesday, recovering some of their losses since Hindenburg Research, a U.S. research firm, published a report on Jan. 24 alleging that companies in India’s Adani Group had used overseas shell companies to manipulate their share prices, among other allegations. Adani Group has denied the claims.

☆ TotalEnergies has not signed contract on new Adani hydrogen venture - CEO
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

PARIS, Feb 8 (Reuters) - TotalEnergies (TTEF.PA) has not yet signed a contract announced last year to extend its partnership with India's Adani to the production of green hydrogen, the chief executive of the French oil major said on Wednesday. Pouyanne said TotalEnergies was "not in charge" of the financial health of Adani group, with whom it has a number of joint-ventures. He said the stakes held by TotalEnergies in Adani Total Gas (ADAG.NS) and Adani Green Energy (ADNA.NS) were still worth more than when the French company purchased them. "Adani Green is still worth twice as much as we invested, Adani Gas is still worth eight times more. He added that Adani had not requested financial support from TotalEnergies for existing projects.

Adani Group has denied the allegations, saying it complies with all laws and has made necessary disclosures over time. On Monday though, Adani Group said it will pre-pay $1.11 billion of loans on shares. Separately, JPMorgan on Tuesday said the group companies were still eligible for inclusion in the bank's bond indexes. The cumulative losses of Adani group's seven listed companies still stand at $109 billion despite Adani Ports and Special Economic Zone (APSE.NS) also gaining 2.6% on Tuesday and Adani Wilmar (ADAW.NS) adding 5%. Many Adani group companies report results this week.

☆ Some Adani shares climb, after group's market losses top $110 bln
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit DaveBENGALURU, Feb 7 (Reuters) - Shares of some listed Adani group companies, including its flagship, rose in early trade on Tuesday while others fell further as the reverberations from a U.S. short-seller's critical report on the Indian conglomerate continued to be felt. Adani group's seven listed companies have lost $110 billion in cumulative stock market value since Hindenburg Research's report was released on Jan. 24. Shares of Adani Green Energy, Adani Total Gas Ltd (ADAG.NS), Adani Power (ADAN.NS) were down 5%, while Adani Transmission rose 3.5%. The group's flagship company, Adani Enterprises Ltd (ADEL.NS), was up 9.5% and Adani Wilmar (ADAW.NS) gained 5%.

☆ These ETFs and mutual funds face millions in losses amid the Adani crisis
▼ + stars: | 2023-02-07 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

Retail investors and pension funds are facing millions of dollars in losses on investments in Adani Group companies, CNBC Pro can reveal. New analysis shows that 951 mutual funds and ETFs worldwide have cumulatively lost more than $4.2 billion in the value of their Adani shares this year. Adani Group Chairman Gautam Adani owns 64% of Adani Enterprises. Adani Group includes Adani Enterprises, Adani Green Energy, Adani Ports & Special Economic Zone, Adani Transmission, Adani Total Gas, Adani Power, Adani Wilmar, Ambuja Cements and ACC. Only funds that continue to have a position in Adani Group companies have been analyzed.

☆ Mark Mobius: Adani had 'big problems' that put me off, but India still looks appealing
▼ + stars: | 2023-02-07 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Investor Mark Mobius was put off Adani's massive planned share sale because of concerns about the group's debt pile and exposure to political risk, he told CNBC Tuesday. So that's one of the big problems that I had," Mobius said. His firm, Mobius Capital Partners, focuses on emerging markets and India is one of its top allocations. Companies including Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power and Adani Total Gas have plummeted in value since then, with the group shedding more than $113 billion from its market value. On Feb. 1, Adani called off a fully subscribed $2.5 billion sale of Adani Enterprises shares, citing the stock price movements.

☆ Adani says it will repay over $1 billion in debt ahead of schedule in a bid to halt stock-market rout
▼ + stars: | 2023-02-07 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Embattled Indian conglomerate Adani Group is paying back $1.1 billion in debt ahead of schedule. It's scrambling to halt a stocks rout that's wiped out over $110 billion in market value over the past fortnight. The selloff came after US short-seller Hindenburg Research accused the group of market manipulation and fraud. The borrowings were backed by Adani Ports, Adani Green Energy, and Adani Transmission – three of the group's companies that have seen their share prices plummet over the past fortnight. Adani said it had paid off its debt ahead of schedule "in light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani Listed Company shares."

☆ The massive selloff in Adani shares eclipses those of other short-seller targets like Enron and Wirecard
▼ + stars: | 2023-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Adani Group companies have lost over $110 billion in market value in the past fortnight. These losses eclipse those at other short seller targets like Enron and Wirecard. Enron lost more than $65 billion between August 2000 and December 2001 when it filed for Chapter 11 bankruptcy, per Bloomberg's record. In Wirecard's case, it was short seller Fraser Perring, who in a 2016 report, accused the payments firm of money laundering and fraud. Shares of Adani Transmission, Adani Green Energy, and Adani Power were also up.

☆ Adani rout deepens despite soothing words from India's government and billionaires
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Indranil Mukherjee | Afp | Getty ImagesShares of most Adani Group companies fell further on Monday, continuing to drop as a feud between the conglomerate and short-seller firm Hindenburg deepened. Adani Green Energy , Adani Power and Adani Total Gas fell 5% each. The Sensex is the benchmark index of the BSE — formerly the Bombay Stock Exchange — and the Nifty 50 is the flagship index of the National Stock Exchange of India. Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Adani Power is included on the long-term list, while Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission and Adani Total Gas are on the short-term list.

☆ Adani crisis: Billionaire scrambles to reassure creditors as market rout enters third week
▼ + stars: | 2023-02-06 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission, which have collapsed in value. While the Adani Group has vehemently denied the allegation made by Hindenburg Resarch as “baseless” and “malicious,” investors remain unconvinced. Adani companies will be reporting quarterly results this week. Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital. Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital.

☆ India's NSE lowers price band on two Adani firms
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: 1 min

Feb 6 (Reuters) - Indian bourse National Stock Exchange of India (NSE) has revised the circuit limits of Adani Green Energy Ltd (ADNA.NS) and Adani Transmission Ltd (ADAI.NS) to 5%, according to data on its website on Monday. The NSE had revised the price bands of both companies to 10% from 20% last week. Stock exchanges set the circuit limits to prevent large movements in the price of stocks in a very short time. Reporting by Anirudh Saligrama in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

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