Adani Group Cites Cash Reserves In Bid To Calm Investors
NDTV
The comments came in a credit report aimed at reassuring investors after a critical investigation by US short-seller Hindenburg Research last month.
Billionaire Gautam Adani's embattled conglomerate said it has adequate cash reserves and its listed companies are able to refinance their debts.
The comments came in a credit report aimed at reassuring investors after a critical investigation by US short-seller Hindenburg Research last month. Scrutiny of the cash position of group companies has intensified as they pay down borrowings, given that a spike in yields on Adani debt after the Hindenburg report would make refinancing prohibitively expensive.
Adani Group's gross debt stood at 2.26 trillion rupees ($27.3 billion) at the end of September, and that amount is forecast to remain steady through the end of March, according to the group's release on Tuesday. The figure broadly matches the tally cited by the company's chief financial officer at the end of January.
The group's cash balances increased to 316.5 billion rupees in December from 297.5 billion rupees at the end of September, it said.
