The Adani group on Monday began a three-day road show with its bondholders in a bid to win back their trust after the damaging Hindenburg report sparked a month-long rout of its shares on the stock market.

While there was no official comment from the conglomerate, a Bloomberg report said around 12 global banks hosted the meetings at Singapore’s Capitol Kempinski hotel.

Well-known names such as BNP Paribas, DBS Bank, Standard Chartered Bank, Deutsche Bank, ING, MUFG and Mizhuo have organised the roadshow.

The Adani group was represented by group chief financial officer Jugeshinder Singh and Anupam Misra who is the head of corporate finance. The Singapore meeting will be followed by meetings in Hong Kong at the Barclays Plc office on Tuesday and Wednesday.

Since the release of the report the group has reached out to global bondholders on multiple occasions.

It has put out a credit note saying there is no material re-financing risk or near-term liquidity requirement. The group’s cash flow from its various assets across the listed companies is projected at Rs 44,078 crore this fiscal, which is higher than the its debt of Rs 23,590 crore.

However, the outreach did not make any positive impact on the group stocks — as nine counters ended in the red on Monday.

Flagship Adani Enterprises tumbled 9.17 per cent or Rs 120.55 to end at Rs 1,194.20 on the BSE. During intra-day trade, the stock plummeted 11.99 per cent to Rs 1,157.

Among the other counters, Adani Total Gas closed lower 5 per cent, Adani Wilmar sank 5 per cent whereas the Adani Transmission scrip fell 4.99 per cent.

All the other group stocks barring Adani Ports reported losses on Monday.

Adani Green Energy fell 4.99 per cent, NDTV, 4.98 per cent and Adani Power, 4.97 per cent.

The cement stocks Ambuja Cements fell 4.50 per cent and ACC, by 1.95 per cent.

Adani Ports ended with gains of 0.55 per cent at Rs 562.

All the ten listed firms have cumulatively lost Rs 12.37 lakh crore since Hindenburg came out with its report on January 24. The group’s combined market capitalisation is now at Rs 6.81 lakh crore, down from Rs 19.20 lakh crore on January 24.

Aussie move denied

On Monday, the Adani group denied a media report that claimed the conglomerate was in talks with global credit funds to raise up to $400 million in debt against some of its Australian assets.

Adani termed the report as “totally false and untrue.”

The Indian ports-to-power group operates the Carmichael coal mine, the North Queensland Export Terminal, and a solar farm in Australia.

The NQXT, a major port for Queensland coal exports controlled by the Adani family trust, is being considered to raise funds and repay debts picked up by the promoters.

A spokesperson for Adani Group denied the report in an email sent to Reuters on Monday, without giving any other details.

Australia’s corporate regulator has said it will review the Hindenburg report that was released on January 24.

The Indian conglomerate is in discussions with several large high-yield global credit funds and has so far received two indicative term sheets from potential lenders which include hedge fund Farallon Capital Management.

Farallon Capital declined to comment.

Meanwhile, Adani Ports said on Monday that it has incorporated a wholly-owned subsidiary — PU Agri Logistics Ltd — with an authorised share capital of Rs 5 lakh.

It said PU Agri will develop and operate silos at 26 locations in Punjab under the public-private-partnership mode.

With input from Reuters