Adani Group entities made scheduled coupon funds on excellent U.S. dollar-denominated bonds on Thursday, a bondholder and a supply with direct data of the Indian conglomerate’s technique instructed Reuters.

The funds have been made as Adani Group, led by billionaire Gautam Adani, battles with a rout in its shares in India and its U.S. bonds after final week’s important report on its enterprise practices by U.S. short-seller Hindenburg Analysis.

Adani Ports and Particular Financial Zone Restricted paid coupons, the 2 sources, talking on situation of anonymity, stated. The supply with data of the agency’s technique stated Adani Transmission additionally processed bond funds on Thursday.

Adani Group plans to challenge a credit score report by Friday which is able to handle issues raised by the Hindenburg report about its liquidity, the identical supply stated.

The Adani Group didn’t reply to a request for remark.

Reuters calculations present that curiosity funds of a complete of round $24 million have been due on Feb. 2 on three bonds issued by Adani Ports and Particular Financial Zone attributable to mature in 2031, 2032 and 2041.

Brokerage CLSA estimated in a Jan, 26 report that consolidated debt of the highest 5 Adani Group corporations — Adani Enterprises, Adani Ports, Adani Energy, Adani Inexperienced and Adani Transmission, with some factor of double counting – stood at Rs 2.1 lakh crore ($25.60 billion).

Financial institution debt varieties simply 38% of the overall debt, whereas “bonds/CP (business paper) represent 37%” the CLSA be aware stated.

Adani’s fortune rose quickly in recent times, however has plunged in only a week after U.S.-based Hindenburg revealed its important analysis report on Jan. 24.

Though Adani has stated it all the time complied with all disclosures, the repercussions have knocked $100 billion off the market capitalization of the group’s seven Indian-listed shares.

The conglomerate’s greenback bonds slipped additional into losses on Thursday, a day after its flagship Adani Enterprises Ltd ADEL.NScalled off a $2.5 billion share sale in a shock transfer.

Adani Inexperienced’s bonds maturing in September 2024 led the losses, falling 11.69 cents, to 60.56 cents, their lowest since issuance.

The U.S. dollar-denominated bonds of Adani Ports and Particular Financial Zone, Adani Transmission and Adani Electrical energy Mumbai have been additionally buying and selling decrease.

Adani “will challenge an in depth credit score report by tomorrow night shut of enterprise which is able to handle the problems that from (a) credit score viewpoint there isn’t any liquidity (challenge), no money (challenge), no different challenge,” the supply with direct data of the Adani group’s pondering stated.

Coupon funds for bonds will “proceed as regular,” the supply added, saying these had nothing to do with share value falls or the group’s present challenges.