The Adani Group, which saw stocks of most of its entities climb in the last few days after being clobbered since Hindenburg Research released its report on 24 January, is not yet off the hook.

As per a presentation the conglomerate made to investors, the group has almost $2 billion in foreign-currency bonds which are coming up for repayment in 2024.

Though there are no bond maturities in 2023, three issuances are due for payment the next year. These include $650 million by Adani Ports and Special Economic Zone (APSEZ) and two of renewable energy unit Adani Green Energy Ltd ($ 750 million and $500 million), PTI reported citing the presentation the conglomerate made to investors.

Between July 2015 and 2022, the conglomerate has borrowed over $10 billion in foreign currency bonds. Of this, around $1.15 billion of bonds matured in 2020 and 2022. The ports-to-energy conglomerate expanded at breakneck speed through mostly debt which doubled in four years at a gross level.

Last month, Adani group management, including group chief financial officer Jugeshinder Singh, held roadshows in Singapore and Hong Kong to shore up investors’ sentiment that the company's finances are under control. These are to be extended to Dubai, London and the US from March 7 to 15.

Investors were told by executives that the group would address upcoming debt maturities, including by potentially offering private placement notes and using cash from operations.

Adani group's gross debt has grown from Rs 1.11 lakh crore in 2019 to Rs 2.21 lakh crore in 2023, PTI reported citing the presentation made to investors last month.

After including cash, the net debt was Rs 1.89 lakh crore in 2023.

Though there are no foreign currency bond maturities in 2025, around $1 billion of repayments are due in 2026.

The group lost $140 billion in market value at one point since Hindenburg Research released its report accusing the conglomerate of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades”. The group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".

The conglomerate has already called off the acquisition of DB Power, a 1,200-megawatt coal-fired power plant in Janjgir Champa district of Chhattisgarh, for Rs 7,017 crore.  The deadline to complete the transaction was allowed to expire on February 15, 2023.

The group has also decided not to bid for a stake in state-backed energy trading firm PTC.

Last week, US-based GQG Partners purchased equity shares of four Adani companies for Rs 15,446 crore in a series of secondary block deals. GQG bought Rs 5,460 crore in Adani Enterprises, Rs 5,282 crore in Adani Ports, Rs 1,898 crore in Adani Total Gas, and Rs 2,806 crore in Adani Green Energy. In percentage terms, GQG bought a 2-4% stake in these companies.