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Adani Group Highlights Ample Liquidity, Quelling Concerns Post Hindenburg Saga
August 20, 2024
Amid the recent concerns fueled by Hindenburg Research over the regulator and its ties with the Adani Group, the latter is said to have quelled concerns. Adani Group said that it has enough cash to cover more than 30 months of debt payments, hence highlighting sufficient liquidity. It said that said its cash balance accounted for 24.8% of gross debt as of the latest quarter, up 17.7% YoY. Its EBITDA rose 33% YoY during this period. The group’s flagship firm Adani Enterprises is said to be considering raising around INR 100-120bn ($1.2-1.4bn) via a share sale, with its energy transmission unit recently raising $1bn.
Adani Group’s dollar bonds held steady with its 4.375% 2029s at 92, yielding 6.31%.
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