Most Adani bonds rebound after group shares sold for $2.5 billion

Most dollar bonds issued by the Adani Group of companies gained for a second day on Wednesday after its flagship sold $2.5 billion worth of shares in a fully subscribed follow-on offering.
The 2024 rating of Adani green energy ltd. gained nearly 5 cents on the dollar to 80.9 cents at 9:35 a.m. in Hong Kong, recovering from a slump to a record low earlier this week. Eleven of the 15 dollar-denominated bonds in the group tracked by Bloomberg were also higher.
The offer of the flagship company Adani Enterprises Ltd. was the biggest follow-on stock sale in India and was fully subscribed on the last day. This may help ease investor concerns that Adani is facing after short seller fraud allegations Hindenburg Research sent the group into turmoil.
The conglomerate, backed by Asia’s richest person, also put up millions of shares to maintain its collateral on a $1 billion loan after a sharp sell-off in shares across the empire commercial, according to people familiar with the matter.
Yet even after the rally, the yield on Adani Green Energy 2024 bonds is still close to 20%. According to a report by Bloomberg intelligence.