Adani Group bonds rebound after Abu Dhabi conglomerate vote

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Adani Group bonds rebound after Abu Dhabi conglomerate vote

After a drop in record lows the day before, Adani Group companies rebounded in the dollar bond market, following a vote of confidence in the Indian conglomerate of Abu Dhabi's International Holding Co.

A note from one of the group's key units, the Adani Ports Special Economic Zone Ltd., rose 3.4 cents on the dollar to 68.8 cents as of 9: 47 a.m. in Hong Kong. It has dropped since the US-based short seller Hindenburg Research last week alleged accounting fraud at Adani group. At least five other Adani group bonds rose by more than 1 cent on Tuesday.

Abu Dhabi s International Holding, which is managed by a key member of the royal family royal family, said it will invest around $400 million in a follow-on share sale by Adani Enterprises Ltd. IHC is at the forefront of a drive to diversify the United Arab Emirates economy. Adani's debt has been thrust into the spotlight since Hindenburg made its allegations and said it has short positions in Adani's US-traded bonds and non-Indian- traded derivatives. Adani said in a rebuttal that 65 of the 88 questions have been addressed in its public disclosures, describing the short seller's conduct as nothing short of a calculated securities fraud under applicable law. Billionaire Gautam Adani is trying to restore trust in his ports-to-power business after the Hindenburg report. The share sale was intended to cement his legacy and open his empire to individual investors and broader India. Instead he had to rely on existing investors to express their support.

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