Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, a bondholder and a source with direct knowledge of the Indian conglomerate's strategy told Reuters.
Reuters calculations show that interest payments of a total of around $24 million were due on Feb. 2 on three bonds issued by Adani Ports and Special Economic Zone due to mature in 2031, 2032 and 2041.
Brokerage CLSA estimated in a Jan, 26 report that consolidated debt of the top five Adani Group companies -- Adani Enterprises, Adani Ports, Adani Power, Adani Green and Adani Transmission, with some element of double counting – stood at 2.1 trillion Indian rupees .Adani's fortune rose rapidly in recent years, but has plunged in just a week after U.S.-based Hindenburg published its critical research report on Jan. 24.
Although Adani has said it always complied with all disclosures, the repercussions have knocked $100 billion off the market capitalization of the group's seven Indian-listed stocks. The conglomerate's dollar bonds slipped further into losses on Thursday, a day after its flagship Adani Enterprises LtdAdani Green's bonds maturing in September 2024 led the losses, falling 11.69 cents, to 60.56 cents, their lowest since issuance.
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