by Amruth Sundarkumar | Jan 26, 2023 | High Yield Bonds, India
Dollar bonds of Adani Group dropped sharply by over 10 points after Hindenburg Research said that it held short positions in the group via its dollar bonds and non-Indian-traded derivative instruments. Hindenburg is popular in the markets as a short-seller with one of...
by Amruth Sundarkumar | Jan 20, 2023 | High Yield Bonds, India
Vedanta Ltd. will sell its assets from THL Zinc Ltd. Mauritius to its majority 65% owned unit Hindustan Zinc for $2.98bn in cash. The sale is set to help consolidate the zinc businesses and cut down debt for its parent company Vedanta Resources Ltd that has $900mn in...
by Amruth Sundarkumar | Jan 20, 2023 | Corporates, India
Adani Enterprises will issue shares worth INR 200bn ($2.5bn) in an effort to reduce its debt and fuel its expansion objectives. The issue price will be at a discount of 9-13% to its closing share price of INR 3,595.35/share ($44/share) on Wednesday. with retail...
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...
