Adani unit plans $100M bond buyback, reports suggest

Adani unit plans $100M bond buyback, reports suggest

Adani Transmission Bonds Buyback Plan:

Indian conglomerate, Adani Transmission Ltd., intends to purchase up to $100 million of bonds issued by one of its units to increase investor confidence, according to sources familiar with the matter. Adani Electricity Mumbai Ltd., a wholly-owned subsidiary of Adani Transmission, will soon make an announcement regarding the bond buyback, the sources said. Some banks are working with Adani Transmission to facilitate the deal, one of the sources added. A representative from Adani Group declined to comment on the matter.

This move is part of Adani Group’s efforts to regain investor confidence following allegations of fraud by Hindenburg Research in January, which resulted in over $100 billion in share and bond value losses. Despite the US-based short-sellers claims, the group has repeatedly denied any wrongdoing.

In a February conference call, Anil Sardana, Managing Director of Adani Transmission, stated that the company had 35 billion rupees of cash as of December 2022, which is sufficient to meet its current obligations.

Adani Ports & Special Economic Zone Ltd., another Adani Group unit, announced last month its plans to buy back up to $130 million of its July 2024 bonds, as well as comparable amounts in each of the next four quarters.

About Adani Transmission:

Headquartered in Ahmedabad, Adani Transmission Ltd. is a major player in the private sector power transmission industry in India. It operates on a large scale and is widely recognized in the field.

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