This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Adani Green Energy plans to raise $410mn via a new bond issuance to refinance its 6.25% bonds due December 2024, as per an exchange filing. The announcement comes a day after the company provided an update on the redemption plan for its 4.375% 2024s. Adani Group has taken variety of steps like prepayment of debt and buyback of bonds to reassure its investors in the wake of Hindenburg’s allegations of misconduct.
Separately, as per Bloomberg, Adani Ports is said to be continuing to maintain its relationship with its contractor, Howe Engineering Projects (India) Pvt. Ltd, in which PMC Projects Pvt. Ltd.’s (PMC) engineering business was folded in 2016. Deloitte had resigned as auditor of Adani Ports as it could not determine whether Howe was a related party and had raised red flags on payments to the contracting company. Hindenburg’s report which had taken a direct aim at PMC, did not mention anything about Howe. The company continues to maintain its stance that Howe and PMC are independently operated and managed companies, and are not Adani related parties and all its transactions are compliant with the law.
Adani Green’s bonds traded stable with its 6.25% 2024s, at 96.8 cents on the dollar, yielding 8.93%
For more details, click here