Shares of companies linked to Indian conglomerate Adani Group were clawing back territory on Wednesday after a rough couple of weeks as some units unveiled plans to repay its debt.
Flagship firm Adani Enterprises
closed 20% up on Wednesday but still 44% lower in the last month. Meanwhile, Adani Ports & Special Economic Zone
was trading 8% higher, and Adani Power
and Adani Transmission
were all 5% up.
It comes as Adani Ports mulls plans to repay debt amounting to 50 billion rupees ($605 million) over the next financial year.
The repayment plans are an attempt by beleaguered Indian billionaire Gautam Adani to shore up investor confidence after U.S. short seller Hindenburg Research published a scathing report in late January that sent all Adani-linked stocks tumbling.
On Monday, Adani and his family said they would pay back a $1.1 billion loan early — it was due Sep. 2024.
The company said the early repayment was “in light of recent market volatility” and would release millions of shares equating to 12% of Adani’s holding in Adani Ports, 3% in Adani Green Energy
and 1.4% in Adani Transmission.
Read: Adani Enterprises scraps $2.5 billion stock offering amid scrutiny from short seller
Additionally, another positive sign for Adani this week came amid a report hedge funds Oaktree Capital Management and Davidson Kempner Capital Management have been snapping up bonds linked to the Indian conglomerate.