HONG KONG: Adani Green Energy has a refinancing plan which the Indian company will disclose after the fiscal year ends, an executive of the embattled Adani group told bondholders on a call on Thursday, two sources with direct knowledge of the matter said.

Adani Group had hired banks to arrange calls with bond investors after it was caught up in a short-selling storm in recent weeks.

One of its subsidiaries, Adani Green Energy Limited Restricted Group, will refinance existing bonds through a 15-year amortizing private placement, the executive said, according to the sources.

Adani did not immediately respond to a comment request.

Seven listed companies of the conglomerate have together lost about $120 billion in market value since a Jan. 24 report by Hindenburg Research alleged the conglomerate improperly used offshore tax havens and manipulated stock, and flagged concerns over its high debt levels.

Adani Group hires banks to hold bond investor calls after market rout

Adani has rejected the concerns and denied any wrongdoing.

Dollar bonds that Adani firms issued have dropped sharply in value over the past few weeks although they have pared back some losses in recent days.

Rating agencies S&P Global and Moody’s this month revised their outlooks to negative from stable for some of the group’s companies.