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Adani Group debt increases 21% over past year – Bloomberg News

(Reuters) – Adani Group’s debt pile rose almost 21% over the past year and the proportion held by global banks rose to nearly a third, Bloomberg News reported on Tuesday.

Around 29% of the Indian conglomerate’s borrowings were with global international banks at the end of March, the report added, citing people familiar with the company’s inner workings and presentations to investors.

The Adani Group has been making moves to repay share pledges, bonds, and loans and has held roadshows with large investors and creditors to rebuild investor confidence and allay concerns about its debt after short-seller Hindenburg Research’s critical report sparked a stock rout.

The Gautam Adani-led conglomerate has paid back at least $3 billion through the March quarter, lowering promoter-group pledges and settling bonds with three domestic mutual funds, Indian newspaper Mint said in a separate report on Monday.

The group also repaid at least 36.50 billion rupees ($445.31 million) worth of commercial papers, the report added.

The Adani Group did not immediately respond to a Reuters request for comment.

($1 = 81.9650 Indian rupees)

(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Janane Venkatraman)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Source: The Print

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