Adani Group to Extend Investor Roadshow to London, US Cities

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(Bloomberg) — Adani Group is extending a worldwide roadshow as management seeks to reassure investors that the company’s finances are under control.  

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The company will hold meetings with fixed-income investors from March 7 to 15 in Dubai, London and the US, according to a person familiar with the matter, who asked not to be identified. The US meetings will be held over four days, including New York and Los Angeles, the person said. Similar gatherings were held this week in Singapore and Hong Kong.

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The meetings could be key to Gautam Adani’s efforts to shore up confidence in his sprawling ports-to-power empire which has been rocked by a report from US short seller Hindenburg Research, that alleged stock manipulation and accounting fraud. The report shaved as much as $150 billion from the group’s stock market value and sent bond prices plunging. 

“The focus will be on any update on their refinancing plan for the $750 million Adani Green bond due 2024, the promoter-level deleveraging and refinancing plan, and what oversight GQG can bring to the Adani companies,” said Xuchen Zhang, an emerging-markets credit analyst with Jupiter Asset Management. 

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Shares of the Indian conglomerate have rebounded this week after US investment firm GQG Partners invested 154.5 billion rupees ($1.87 billion) by purchasing shares from a family trust, or promoters. Shares in all 10 Adani Group companies surged on Friday and bond prices rose, with Adani Green Energy’s September 2027 bonds hitting their highest in over five weeks. 

Flagship company Adani Ports and Special Economic Zone Ltd’s August 2024 bonds now trade at a cash price of 82.3 cents on the dollar, well off February lows of 74 cents.

Adani Bonds Flash Warnings Even as $153 Billion Stock Rout Eases

Still, prices for Adani companies’ shares and bonds remain well below Jan. 24 levels, when the short-seller report was released. 

Investors are likely to look for reassurance on this front during the roadshows. Attendees will include group Chief Financial Officer Jugeshinder Singh, who was at the meetings in Asia. He has previously said there’s no plans to refinance debt or inject capital. 

(Adds quote, further background)

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