by Amruth Sundarkumar | Dec 13, 2022 | Credit Ratings, High Yield Bonds, India
Greenko Energy was downgraded to Ba2 from Ba1 by Moody’s upon its “high financial leverage due to its substantial capital spending programme”. The rating also reflected uncertainty around the Greenko’s revenue structure and customer mix....
by Amruth Sundarkumar | Dec 13, 2022 | High Yield Bonds, India
GMR Hyderabad International Airport accepted a combined $139.125mn of its 2024s and 2026s. Earlier this month, GMR Hyderabad launched a tender offer for its $300mn 5.375% 2024s and $300mn 4.75% 2026s offering to buy the 2024s at par and the 2026s at $930 per $1,000 in...
by Amruth Sundarkumar | Dec 13, 2022 | Corporates, India
Tata Motors is planning to sell a part of its overall 74.43% stake in Tata Technologies via an IPO. The planned IPO could be the first from a Tata Group company in years. This comes after Tata Motors in 2018 called off a deal to sell ~43% of its stake in Tata...
by Amruth Sundarkumar | Dec 5, 2022 | High Yield Bonds, India
GMR Hyderabad launched a tender offer for its $300mn 5.375% 2024s and $300mn 4.75% 2026s. It said that it will accept up to $140mn of its outstanding 2024s and 2026s combined. It is offering to buy the 2024s at par and the 2026s at $930 per $1,000 in principal. The...
by Amruth Sundarkumar | Nov 25, 2022 | Corporates, India
Adani has planned to raise $5bn in equity capital in an attempt to silence criticisms that it has been subjected to – high leverage, limited investor base and low stock liquidity. The capital raise is touted to help them deleverage and reduce debt ratios that...
by Amruth Sundarkumar | Nov 24, 2022 | High Yield Bonds, India
Vedanta Ltd. announced an interim dividend of INR 17.5/share ($0.2/share) amounting to INR 65bn ($797mn), along expected lines. The large dividend by the Indian subsidiary will help its parent Vedanta Resources boost its debt refinancing efforts. Vedanta Resources has...
