May 23, 2024

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Most of Adani's bonds go up after the $2.5 billion sale of the group's shares

Most of Adani’s bonds go up after the $2.5 billion sale of the group’s shares

Most dollar bonds issued by promise me A group of companies posted gains for a second day on Wednesday after the parent company sold $2.5 billion worth of shares in a fully subscribed follow-up offering.
Note 2024 of Adani for green energy Ltd. acquired nearly 5 cents on the dollar to 80.9 cents as of 9:35 a.m. on Hong Kong, recovering from the recession to a record low earlier this week. Eleven of the 15 dollar-denominated bonds by the group tracked by Bloomberg were also higher.
The bid by leading company Adani Enterprises Ltd. India’s largest post-sale of shares, fully subscribed on the last day. This may help ease investor concerns Adani faces after allegations of fraud from the short seller Hindenburg Research Send the group into turmoil.
The conglomerate, backed by Asia’s richest person, has floated millions of dollars in shares to keep its collateral cover on a $1 billion loan after a sharp sell-off in shares across the business empire, according to people familiar with the matter.
However, even after the rally, the yield on the 2024 Adani Green Energy bond is still close to 20%. The group may struggle to tap into the bond market in the near term, given concerns about governance, according to a report by Bloomberg Intelligence.

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