Aditya Birla Sun Life AMC, SBI Mutual Fund and HDFC AMC are directly exposed to the group’s commercial paper borrowings.
The Adani group is likely to buy back part of its commercial paper borrowings from some domestic mutual funds ahead of their maturity, according to two people with direct knowledge of the matter.
“Adani is buying back our outstanding debt starting from this week, as they have liquidity,” says the CEO of a fund house that has exposure to Adani stocks, asking not to be named. He adds that the buyback would be of commercial papers and is going to happen in the next couple of days.
Commercial papers are a short-term debt instrument issued by companies to raise funds …
Furquan leads the banking coverage at The Morning Context. A business journalist with eight years of experience and a best-selling author, in his earlier stints as a reporter with the Deccan Herald and a columnist at The Banker, he wrote on banking, financial markets and regulatory affairs. He has extensively covered India's debt market crisis, banking crisis and the fall of Yes Bank.
Editor, Banking
furquan@mailtmc.com
Delhi