Adani Group to hold fixed-income road shows in London, Dubai, 'several' US cities: Report

Adani Group will hold fixed-income road shows this month in London, Dubai, and several cities in the United States, according to a document seen by Reuters, as the conglomerate tries to boost investor confidence after it took a beating due to US short-seller Hindenburg Research's scathing report.

Adani Group management, including Group Chief Financial Officer Jugeshinder Singh, will attend the road shows which will run between March 7 to March 15, Reuters reported on Friday.

The development comes at a time when Adani Group stocks rallied on Friday after four Adani firms cumulatively raised Rs 15,446 crore from US investment firm GQG Partners, which eased concerns about the conglomerate's ability to attract funding.

Adani firms said on Thursday that GQG bought 3.4% of Adani Enterprises Ltd for about $662 million, 4.1% of Adani Ports and Special Economic Zone Ltd for $640 million, 2.5% of Adani Transmission Ltd for $230 million and 3.5% of Adani Green Energy Ltd for $340 million.

Shares of flagship Adani Enterprises rose as much as 17.5% on Friday, while Adani Ports surged 10%. Adani Green Energy and Adani Transmission jumped 5% each.

Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

GQG's Sydney-listed shares, meanwhile, ended Friday down 3%, compared with a 0.4% rise in the benchmark index.

The stake purchase by the boutique investment firm marked the first major investment in billionaire Gautam Adani's conglomerate since Hindenburg's critical report resulted in seven of the Indian group's listed firms losing about $130 billion in market value.

In the Jan. 24 report, Hindenburg Research noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied. A dive in Adani stocks then prompted the group to shelve a $2.5-billion share sale.

GQG's deal "may assuage concerns about the group's ability to raise funding for the repayment of loans against its listed company shares," analysts at Kotak Institutional Equities said.