Business
Adani Group Prepays Over Rs 7,000 crore Worth Share-backed Loans
Gautam Adani, chairman and founder of the Adani Group (representative image) (Abhijit Bhatlekar/Mint via Getty Images)
Adani Group today (March 7) announced that it has prepaid share-backed financing of Rs 7,374 crore ahead of maturity in April 2025 as the as the ports-to-power conglomerate seeks to assuage nervous investors and lenders after the US-based short seller Hindenburg Research accused it of accounting malpractices and stock price manipulation.
“In continuation of promoters’ commitment to reduce the overall promoter leverage backed by Adani Listed Company shares, we would like to inform that we have prepaid share backed financing of Rs 7,374 cr ($902 Million) ahead of its latest maturity in April 2025," the Adani Group said in a statement.
"Along with the repayments done earlier in the month of February, Adani has prepaid $2,016 million of share backed financing, which is consistent with promoters’ commitment to prepay all share backed financing before 31 March 2023," the group statement added.
The group said that the repayment of Rs 7,374 crores to international banks and Indian financial institutions will help release the shares of its listed firms including
Adani Ports and Special Economic Zone Ltd (155 million shares, representing 11.8 percent of the promoters’ holding)
Adani Enterprises Ltd (31 million shares, representing 4 percent of the promoters’ holding)
Adani Transmission Ltd (36 million shares, representing 4.5 percent of the promoters’ holding)
Adani Green Energy Ltd (11 million shares, representing 1.2 percent of the promoters’ holding)
Shares of 10 listed Adani Group companies staged a strong recovery, rising for consecutive trading sessions, following the group’s assurance on debt payments and a Rs 15,000 crore investment in four listed companies by US boutique investment firm, GQG Partners.
Adani Group will also be holding a worldwide roadshow as management seeks to reassure investors that the company’s finances are under control amid share price falls and a regulatory probe.
The company will hold meetings with fixed-income investors from 7 to 15 March in Dubai, London and the US. The US meetings will be held over four days, including New York and Los Angeles.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
