Two large companies within India's embattled Adani Group are likely to repay their short-term commercial paper (CP) debt as they come due over the next few months, instead of rolling them over as is normal, two merchant bankers and a company official directly familiar with the matter said.
"We will repay the CPs as and when they mature and are currently not looking to tap the short-term debt market," an official with one of the companies said on condition of anonymity as they are not authorised to speak to the media.
Adani Ports has CPs worth 35 billion rupees due to mature through end March, data from information service provider Prime Database showed. "Market sentiment is such that people will be cautious to immediately roll over CPs, and would prefer to cash out. So, we may see them staying away from the market for some time," said one banker, who regularly arranges debt issuances for the group.
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