Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, a bondholder and a source with direct knowledge of the Indian conglomerate's strategy told Reuters.

The payments were made as Adani Group, led by Indian billionaire Gautam Adani, battles with a rout in its stocks in India and its U.S. bonds after last week's critical report on its business practices by U.S. short-seller Hindenburg Research.

Adani Ports and Special Economic Zone Limited paid coupons, the two sources, speaking on condition of anonymity, said. The source with knowledge of the firm's strategy said Adani Transmission also processed bond payments on Thursday.

Adani Group plans to issue a credit report by Friday which will address concerns raised by the Hindenburg report about its liquidity, the same source said.

The Adani Group did not respond to a request for comment.

Reuters calculations show that interest payments of a total of around $24 million were due on Feb. 2 on three bonds issued by Adani Ports and Special Economic Zone due to mature in 2031, 2032 and 2041.

Brokerage CLSA estimated in a Jan, 26 report that consolidated debt of the top five Adani Group companies -- Adani Enterprises, Adani Ports, Adani Power, Adani Green and Adani Transmission, with some element of double counting – stood at 2.1 trillion Indian rupees ($25.60 billion).

Although Adani has said it has always complied with all disclosures, the impact has reduced the market capitalization of the group's seven India-listed shares by $100 billion. 

Adani "will issue a detailed credit report by tomorrow evening close of business which will address the issues that from (a) credit point of view there is no liquidity (issue), no cash (issue), no other issue," the source with direct knowledge of the Adani group's thinking said.

Credits: Reuters