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“We would like to inform that we have prepaid share backed financing of Rs 7,374 crore ($902 million) ahead of its latest maturity in April 2025,” the Group said in a statement.
The Adani Group Tuesday said it has prepaid share-backed financing worth Rs 7,374 crore or $902 million to various international banks and domestic financial institutions two years ahead of its latest maturity.
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The step is 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 crore ($902 million) ahead of its latest maturity in April 2025,” the Group said in a statement.
This repayment will help release shares of four listed companies of the Adani Group- 31 million shares (4 per cent of promoters’ holding) of Adani Enterprises Ltd, 155 million shares (11.8 per cent of the promoters’ holding) of Adani Ports & Special Economic Zone Ltd (APSEZ), 36 million shares (4.5 per cent of promoters’ holding) of Adani Transmission Ltd and 11 million shares (1.2 per cent of promoters’ holding) Adani Green Energy Ltd.
Along with the repayments done earlier in the month of February, the Group has prepaid $2,016 million of share backed financing, which is consistent with promoters’ commitment to prepay all share backed financing before March 31, 2023.
The Adani Group’s stocks have taken a beating after New York-based short-seller Hindenburg released a report in January this year alleging the Group of stock manipulation and accounting fraud, which the company has denied. The Group’s stock made some recovery last week after a US-based global equity investment boutique GQG Partners bought 21.13 crore shares worth Rs 15,446 crore ($1.87 billion) in Adani Ports and Special Economic Zone Ltd, Adani Green Energy Ltd, Adani Transmission Ltd and Adani Enterprises Ltd from S B Adani Family Trust through block deals.
On Monday, Adani Enterprises’ shares jumped 5.51 per cent and APSEZ rose 0.9 per cent. Adani Transmission ended 4.99 per cent up and Adani Green gained 5 per cent.
Meanwhile, BSE and NSE removed Adani Enterprises from the short-term Additional Surveillance Measure (ASM), effective March 8. A few companies of the Group were kept under the surveillance framework after their share prices fell following the release of the Hindenburg Research report. However, all the companies are now out of the ASM framework.
© The Indian Express (P) Ltd
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