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Adani Group says companies have sufficient liquidity, assures investors about servicing debt obligations

Livemint

Livemint · 8m ago

Adani Group says companies have sufficient liquidity, assures investors about servicing debt obligations

Indian conglomerate, Adani Group, has reassured investors of its strong financial position despite the recent US bribery indictment against its founder, Gautam Adani. The group showcased its cash reserves and profits, which are enough to service debt obligations and fund growth plans. The group highlighted cash balances of INR 55,024 crore, exceeding long-term debt repayments for the next 28 months. It also emphasized that equity now accounts for almost two-thirds of its total asset creation, reducing dependency on external debt. Adani Group remains confident in its ability to invest over INR 8 lakh crore across portfolio companies in the next 10 years.

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Fitch Ratings says it may cut some Adani Group bonds to junk status

Livemint

Livemint · 8m ago

Fitch Ratings says it may cut some Adani Group bonds to junk status

Fitch Ratings is considering downgrading some bond ratings of the Adani Group to speculative territory following the charges against founder Gautam Adani in a bribery scheme. The US rating company will closely monitor the investigations, as the outcomes could indicate weaker corporate governance practices at the Indian conglomerate. Adani Group denies the allegations and asserts that its portfolio companies have enough liquidity to cover debt-servicing requirements for the next year. Fitch has placed Adani Ports & Special Economic Zone's bonds on watch for a possible downgrade and has also placed Adani Energy Solutions' long-term issuer default ratings on watch.

Adani Group gets ready to raise up to ₹40,000 crore from retail investors, aims to hedge risks: Report | Mint

Livemint

Livemint · 11m ago

Adani Group gets ready to raise up to ₹40,000 crore from retail investors, aims to hedge risks: Report | Mint

Adani Group is planning to raise up to ₹40,000 crore from retail investors over the next few years to diversify funding sources and reduce risk. The group's arm, Adani Enterprises, has already launched its public issue of secured non-convertible debentures worth ₹400 crore, which received full subscription on the first day. The company aims to launch similar public issues for other group entities to decrease its reliance on a limited set of lenders. Adani Enterprises has witnessed a rise in debt, with long-term borrowings increasing by 34.14% year-on-year. However, the company's liquidity position remains strong, with cash reserves covering over 30 months of debt payments.

Rajiv Jain’s GQG sees its investment in Adani stocks grow 150% to $10 billion

Money Control

Money Control · 1y ago

Rajiv Jain’s GQG sees its investment in Adani stocks grow 150% to $10 billion

GQG Partners Chairman and Chief Investment Officer Rajiv Jain has seen his investments in the Adani Group grow by 150% over the past year, reaching a total value of $10 billion. Jain strategically invested in various Adani enterprises following a report by Hindenburg Research in January 2023 that raised concerns about corporate governance and debt-related issues. His total investment of $4.3 billion in Adani companies, including Adani Power and Adani Green Energy, has significantly appreciated in value. Jain's successful investments have cemented his reputation as a skilled investor in various sectors.

Vedanta Resources to deleverage debt by $3 billion over 3 years

Money Control

Money Control · 1y ago

Vedanta Resources to deleverage debt by $3 billion over 3 years

Vedanta Resources, the parent company of Vedanta Ltd, plans to reduce its debt by $3 billion over the next three years. The firm aims to prioritize deleveraging and has sufficient cash flow to manage secured debt maturities. It plans to utilize brand fees, dividends, asset monetization, and other strategic initiatives to meet financial obligations. Vedanta's recent share divestment has generated interest in anticipation of a forthcoming demerger announcement. The demerger aims to simplify the group's structure and provide direct investment opportunities in dedicated pure-play companies.

Adani Group looks to de-risk its borrowings with public bond issues in India | Mint

Livemint

Livemint · 11m ago

Adani Group looks to de-risk its borrowings with public bond issues in India | Mint

Indian conglomerate, Adani Group, plans to diversify its borrowing matrix with the upcoming public issue of non-convertible debentures by Adani Enterprises. The ₹800 crore issue is Adani Group's first public bond issue and aims to test and develop a domestic debt capital market for corporates. The allocation for the issue indicates a focus on individual investors over institutions. Adani Group's debt profile has evolved, with a decrease in exposure to public sector banks and an increase in exposure to international banks and bond issuances. The group aims to tap into unmonetized domestic capital, emphasizing the importance of investing in India's infrastructure for Indians.

Leaving Hindenburg behind, Moody's upgrades four Adani firms

Livemint

Livemint · 1y ago

Leaving Hindenburg behind, Moody's upgrades four Adani firms

Moody's has upgraded the ratings of four Adani Group firms, including two green energy companies and two electricity generation and distribution companies. The upgrade comes after the group improved its financials, made timely debt repayments, and received a capital infusion in the past year. The ratings had previously been downgraded following allegations of governance lapses by US-based shortseller Hindenburg Research. Moody's justified the upgrade by citing the group's access to debt capital and equity market transactions. The Supreme Court stated that the Hindenburg report does not reflect the true state of affairs, reducing potential risks for the Adani group.

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

Livemint

Livemint · 1y ago

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

In a recent annual general meeting, Gautam Adani of Adani Enterprises dismissed the Hindenburg report's allegations as baseless. While he did not name the short seller responsible, Adani stated that the attack on the company's financial standing was a calculated strike aimed at defaming them. The Hindenburg report had accused Adani of using tax havens, raising concerns about debt, and engaging in stock manipulation. The Adani group has strongly refuted these allegations, referring to them as unsubstantiated speculations.

Promoters pump Rs 23,000 crore in 5 Adani Group companies in June quarter

Money Control

Money Control · 1y ago

Promoters pump Rs 23,000 crore in 5 Adani Group companies in June quarter

Promoters of five Adani Group firms, namely Adani Energy Solutions, Adani Enterprises, Ambuja Cement, Adani Power, and Adani Green Energy, increased their holdings by over Rs 23,000 crore in the June quarter, according to the latest shareholding data. Promoters of Ambuja Cement raised their stake by 3.59 percentage points, while Adani Green Energy saw its promoter holding increase by 1.15 percentage points. In contrast, foreign investors significantly reduced their holdings in several Adani Group companies during the same quarter. Adani Ports and SEZ, however, saw a slight increase in foreign institutional investor stake.

Adani may see wider impact from US setback

Livemint

Livemint · 8m ago

Adani may see wider impact from US setback

The Adani Group, an Indian conglomerate, has denied bribery charges following an indictment in the US. The US Department of Justice accused the company's founder, Gautam Adani, and other executives of bribing Indian officials to secure green power supply agreements. The US Securities and Exchange Commission also accused the Adani Group of securities fraud. Investors in Adani group companies lost ₹2.24 trillion ($29.9 billion) as shares plunged. The indictment could result in hefty fines and legal battles, potentially damaging the group's creditworthiness and access to investors. Ratings firm Moody's highlighted the negative implications this could have on the company's creditworthiness.

Vedanta Resources to deleverage debt by $3 billion over three years

Livemint

Livemint · 1y ago

Vedanta Resources to deleverage debt by $3 billion over three years

Vedanta Resources, the parent company of Vedanta Limited, is aiming to reduce its debt by $3 billion over the next three years, according to Navin Agarwal, Vice Chairman of Vedanta Ltd. The company is prioritizing deleveraging and has no plans for a loan rollover in the coming years. Vedanta Ltd's cash flow is estimated to be around $3.5-4 billion for the financial year 2025, which is sufficient to meet secured debt maturities. The company plans to utilize brand fees, dividends, asset monetization, and other strategic initiatives to manage its debt obligations.

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