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Adani Group reported its previous quarter’s results yesterday, registering an EBITDA growth of 64% YoY to INR 194.7bn ($2.3bn) for the quarter. According to the company, there was “no material refinancing risk and near-term liquidity requirement.” The group’s net debt dropped by 3.5% to $21.7bn in the six months through September and its portfolio level cash balances improved to $5.36bn which could fund long term debt repayments for more than 15 months, the company added.
Separately, Adani Energy Solutions is said to be raising $400mn via a private placement, as per sources. The deal is expected to take place in the next three months with its infrastructure assets as collateral. This is in addition to the earlier coverage where Adani Green Energy and its affiliated firms were looking to sell $409mn in bonds to meet its December dollar bond maturity.
Adani’s bonds traded stable with its 3.375% 2024 at 98.75 cents on the dollar, yielding 6.66%