Adani Ports and Particular Financial Zone might scale back refinancing dangers after saying a bond buyback value as much as $130 million, S&P World Rankings mentioned on Tuesday, citing the chance of a wholesome money stream within the present fiscal yr.
The corporate, a part of the beleaguered Adani Group, ought to be capable of decrease its debt nicely forward of the maturity of its unsecured notes value $650 million, due in July 2024, S&P added.
Billionaire Gautam Adani-backed marine port companies firm mentioned on Monday it floated a young of as much as $130 million in excellent debt, because it seeks to spice up investor confidence after the group’s shares had been pummelled earlier this yr by a U.S. short-seller’s scathing report.
Adani Group’s seven listed shares have misplaced roughly $114 billion in market worth since Hindenburg Analysis’s report on Jan. 24 accused the conglomerate of illegal use of offshore tax havens and inventory manipulation and flagged issues over excessive debt. Adani has denied the allegations.
S&P mentioned it expects the corporate to have enough money steadiness to repay its $130 million of the notes and that Adani Ports is more likely to have an working money stream of $1.09 billion for fiscal 2024. Shares of Adani Ports have declined almost 6 per cent because the Hindenburg report.