Adani Ports to prepay $121 million short-term debt due in March: Report

Gautam Adani’s ports unit will pay off a short-term debt of 10 billion rupees ($121 million) that is due next month. The Indian tycoon is trying to reassure investors after a short seller attack put the financial health of his empire in question.

The company’s spokesperson said that Adani Ports & Special Economic Zone Ltd. will pay off the commercial paper debt early after it pays off the 15 billion rupees of similar debt that was due on Monday. The largest private port operator in India paid its short-term debt due on Monday with cash on hand and money made from doing business.

Adani Ports said earlier that it might pay off a debt of about 50 billion rupees in the year starting in April. This would bring the ratio of net debt to earnings before interest, taxes, depreciation, and amortisation down from just over 3 times to about 2.5 times.

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Short-seller Hindenburg Research released a report at the end of last month accusing the conglomerate of fraud. This caused a run on the group’s bonds and shares, which Adani has called “false.” The conglomerate has said that its companies don’t have any big risks with refinancing and don’t need cash in the near future.