“In continuation of promoters’ commitment to reduce the overall promoter leverage backed by Adani listed company shares, we would like to inform you that we have prepaid share backed financing of Rs 7,374 crore ($902 Million) ahead of its latest maturity in April 2025,” the company said in a media statement.
Agencies“In continuation of promoters’ commitment to reduce the overall promoter leverage backed by Adani listed company shares, we would like to inform you that we have prepaid share backed financing of Rs 7,374 crore ($902 Million) ahead of its latest maturity in April 2025,” the company said in a media statement.
With the prepayment of loans to various international banks and Indian financial institutions, 155 million shares in Adani Ports, 31 million shares in Adani Transmission, and 11 million shares in Adani Green will be released.
Earlier in the month of February, the embattled group had prepaid loans worth Rs 9,200 crore to release pledged shares by promoters. Along with the repayments in February, the conglomerate has prepaid a total loans worth $2.01 billion of share backed financing.
The company said that the move is consistent with promoters’ commitment to prepay all share backed financing before March 2023.
After taking a beating on the bourses following the report by US-based short seller Hindenburg Research, the group stocks have recovered significantly in the last few trading sessions.
The report had made a variety of allegations, including fraudulent transactions and share-price manipulation, against it. The group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The recovery in Adani group stocks came after Adani Promoter sold stakes in four group companies to US-based GQG Partners in a Rs 15,000 crore deal.
Explaining the rationale behind the investment, Rajiv Jain, co-founder of GQG Partners, said the fundamentals of Adani group companies are currently much better than they were two years ago and the steep correction in stock prices made it a very attractive proposition.
On Monday, stocks of eight listed Adani Group firms settled with gains and Adani Enterprises rose more than 5%.
Meanwhile, both exchanges NSE and BSE said Adani Enterprises will move out from the short-term additional surveillance measure (ASM) framework.
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