Adani Group’s debt has risen nearly 21% over the past year and the stake held by global banks has risen to nearly a third, Bloomberg News reported on Tuesday.
About 29% of the Indian conglomerate’s loans were with global international banks at the end of March, the report added, citing people familiar with the company’s inner workings and presentations to investors.
Adani Group is taking steps to pay back pledges of shares, bonds and loans and has been holding roadshows with major investors and lenders to rebuild investor confidence and allay concerns about its debt after a critical Hindenburg Research report from short seller sent shares soaring.
The Gautam Adani-led conglomerate repaid at least $3 billion during the March quarter, reduced pledges to a promoter group and settled bonds with three domestic mutual funds, India’s Mint newspaper said in a separate report on Monday.
The group also repaid at least 36.50 billion rupees ($445.31 million) worth of commercial paper, the report added.
Adani Group did not immediately respond to Reuters’ request for comment.
(1 USD = 81.9650 INR)