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☆ India's Adani Group pre-pays over $900 million worth share-backed financing
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 7 (Reuters) - Embattled Indian conglomerate Adani Group said it prepaid share-backed financing of 73.74 billion rupees ($901.16 million), as it looks to allay fears over leverage and debt since a U.S. short seller's critical report sparked a stock rout. Promoters of the group's flagship firm, Adani Enterprises (ADEL.NS), will release 31 million shares, or a 4% stake, while Adani Ports' (APSE.NS) promoters will release 155 million shares, or an 11.8% stake, the group said in a statement on Tuesday. Promoters of Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS) will release 1.2% and 4.5% stakes in the respective companies. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said. GQG's founder Rajiv Jain will meet clients and investors in Australia this week to explain its investment in the Adani group, the company said in a separate statement on Tuesday.

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%.

The credit line from the sovereign wealth fund could be increased to $5 billion, the sources said, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo. A third person familiar with the matter said Adani's management told investors it was from the Middle East. The news comes a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by the end of March. Reporting by Xie Yu in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Jason Neely and Mark PotterOur 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 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.

☆ Adani in talks for $400 mln debt against Australian coal port assets - ET
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +1 min

Feb 27 (Reuters) - India's Adani Group is in talks with global credit funds to raise up to $400 million in debt against a key Australian coal port assets that make up a large portion of its exports of the fossil fuel from Carmichael mine, the Economic Times reported. Adani Group and Farallon Capital did not immediately respond to Reuters' request for comments. Reuters recently reported Australia's corporate regulator said it would review a short-seller report that had flagged a wide range of concerns about the Adani Group. In Australia, the conglomerate operates the Carmichael coal mine and a related rail line, the North Queensland Export Terminal, which is a major port for Queensland coal exports, as well as a solar farm. Reporting by Sneha Bhowmik in Bengaluru; Editing by Eileen Soreng and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ 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.

Adani argued the plants were "unviable" at the trucking rates it wanted to slash by around half. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani. After the Hindenburg report, Congress has renewed its claims that Modi for years has unduly favoured Adani. The Adani group wanted freight rates to be lowered to around 6 rupees ($0.0725) per tonne per km, from around 11 rupees. "The Hindenburg report was a gift that saved our businesses."

☆ 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."

Feb 20 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. U.S. markets are closed on Monday for Presidents Day so Asian activity and volumes will be lighter than usual. This could give traders some rare breathing space to reflect on the scorching rise in U.S. market-based rates and yields. The People's Bank of China is scheduled to set its lending benchmark interest rates on Monday morning. chartThe Reserve Bank of New Zealand is expected to scale back its tightening on Wednesday, and raise rates by half a percentage point to 4.75%.

☆ 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.

Feb 15 (Reuters) - Index provider MSCI said on Wednesday it will postpone implementation of updates to weightings for two of India's Adani Group companies, Adani Total Gas (ADAG.NS) and Adani Transmission (ADAI.NS), to the May benchmark review. The reversal of the updates to Adani Total Gas and Adani Transmission in the February index review will be reflected in the MSCI Index Product files starting from Feb. 16, MSCI said. MSCI will also apply a special treatment for all Adani Group's associated securities in the MSCI Equity Indexes starting from February. The new index weightings were due to come into effect on March 1 but the proposed changes to Adani Total Gas and Adani Transmission will be delayed until May. MSCI examined the size of companies' free floats, having determined there was "sufficient uncertainty" surrounding some investors in Adani companies.

☆ Adani Enterprises swings to Q3 profit; makes no "material" adjustments post Hindenburg
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +2 min

The group's seven listed stocks have together lost over $120 billion in market value since Jan. 24. The profit came on the back of boosts from its key coal trading division and its new energy businesses. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled. The coal trading division benefited from a rise in volumes as well as higher coal prices, while Adani New Energy segment saw a surge in the volumes and prices of solar modules, the company said. Global coal prices remained at elevated levels for most of 2022 as European buyers were willing to pay a premium and make up for the absence of cargo from Russia, their main supplier of LNG and coal.

Adani Group said last week it was considering independent evaluation of issues relating to legal compliance, related party transactions and internal controls following the Hindenburg report. Grant Thornton has been hired to conduct independent audits of some Adani Group companies, said the sources, declining to be named as the appointment is confidential. One of the sources added that Grant Thornton would look at whether related-party transactions at the Adani Group complied with corporate governance standards. Grant Thornton and Adani Group did not immediately respond to a request for comment. In its rebuttal, Adani had said "all related party transactions are at arm's length, properly disclosed and reviewed/audited by statutory independent auditors."

SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday. DBS was among a group of banks which provided finance to Adani's $10.5 billion acquisition of Holcim's (HOLN.S) cement business in India last year. "They're solid, cash-generating companies, so we're not concerned about the exposure," Chief Executive Piyush Gupta told reporters after DBS reported quarterly results. The cement industry has huge potential, given the growth in the market, Gupta said, "and so that exposure is quite tightly managed." New York-based short-seller Hindenburg Research accused the Adani Group in a Jan. 24 report of stock manipulation and improper use of offshore tax havens that it said obscured the extent of Adani family stock ownership in group firms.

☆ India watchdog probes short-seller's allegations about Adani, market activity
▼ + stars: | 2023-02-13 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

The Securities and Exchange Board of India (SEBI) also said it was looking into the market activity immediately before and after Hindenburg published its report on Jan. 24, the filing said. Led by billionaire Gautam Adani, Adani Group's seven listed companies have together lost about $120 billion in market value since Hindenburg's critical report, which included allegations of improper use of offshore tax havens and stock manipulation, Adani Group has denied the allegations. Earlier on Monday, India's Adani Group sought to reassure investors, saying its business plans were fully-funded, its cashflows strong and it remained confident of delivering attractive returns to shareholders. SEBI has been examining trade patterns and any potential irregularities in the $2.5 billion share sale of flagship company Adani Enterprises (ADEL.NS) that the Adani group was forced to cancel due to the plunge in its shares, Reuters has previously reported citing sources. SEBI confirmed the existence of the investigation for the first time in its Supreme Court filing.

☆ Adani slashes growth targets amid rout sparked by Hindenburg - Bloomberg News
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

Feb 12 (Reuters) - India's Adani group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday. Adani group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from 40% originally targeted, Bloomberg News said citing people familiar with the matter. A spokesperson for Adani Group did not immediately respond to a request for comment. Adani group has also been a part of India's market regulator's investigation into the group's links to some of the investors in its scrapped $2.5 billion share sale. Earlier this month, India's ministry of corporate affairs started a preliminary review of Adani Group's financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.

☆ Adani slashes growth targets amid rout sparked by Hindenburg, Bloomberg reports
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Feb 10 (Reuters) - Index provider MSCI said it has cut the free-float designations of four securities of India's Adani group, a move which analysts have warned could impact their index weightings. MSCI said in a statement it has reduced the free floats of Adani Enterprises (ADEL.NS), Adani Total Gas (ADAG.NS), Adani Transmission (ADAI.NS) and ACC (ACC.NS). The remaining companies' free floats will remain the same. The four companies for which the free float designation change was announced had a combined 0.4% weighting in the MSCI emerging markets index as of Jan. 30. Analysts had said a change in free float status could affect the weightings of MSCI index constituents, possibly triggering a shift by funds as many investments are aligned to such indexes.

The Adani Group has denied any wrongdoing. "Depending on the outcome of the MSCI review, we could see more pressure on select Adani group stocks." "This determination has triggered a free float review of the Adani Group securities." Adani Group did not respond to a Reuters request for comment. They accuse his government of giving undue favours to the Adani Group, a charge denied by the government and the company.

☆ 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.

☆ India's Adani faced margin call on $1.1 bln loan before repaying in full- FT
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

Feb 8 (Reuters) - Adani Group Chairman Gautam Adani faced a margin call of more than $500 million on a $1.1 billion share-backed loan, prompting him to repay the whole debt, the Financial Times reported on Wednesday, citing four people with direct knowledge of the matter. The repayment was meant to avoid any further damage to investor confidence, which has been rocked by allegations of fraud by short-selling firm Hindenburg, the report added. An Adani spokesperson did not immediately respond to a Reuters request for comment outside business hours. Reporting by Juby Babu in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani Green posts surge in quarterly profit on higher power supply
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 7 (Reuters) - India's Adani Green said on Tuesday its profit jumped more than two-fold in the third quarter, as the total power it supplied to customers increased. Consolidated profit of Adani Green rose to 1.03 billion rupees ($12.45 million) in the October-December quarter, from 490 million rupees a year ago. Revenue of power producers such as Adani Green gets a boost as the size of their portfolio with long-term deals increases. Adani Green said on Tuesday it had commissioned 1,915 megawatts in new power projects in the current financial year. Its total income rose to 22.58 billion rupees from 14.71 billion rupees a year earlier.

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.

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