Adani Promoters Prepay Share-Backed Debt Worth Rs 7,374 Crore
A total of 23.3 crore shares of four group companies will be released as part of the latest prepayment.
The Adani Group said its promoters have prepaid debt worth of Rs 7,374 crore, or $902 million, backed by shares of four group companies, ahead of its latest maturity in April 2025.
A total of 23.3 crore shares will be released as part of the latest prepayment, the apples-to-airports conglomerate said on Tuesday. The prepayment will be against financing from "various international banks and Indian financial institutions".
Under the prepayment plan, 15.5 crore shares of Adani Ports and Special Economic Zone Ltd., representing 11.8% of the promoters’ holding, will be released. Similarly, 3.1 crore shares (4%) of Adani Enterprises Ltd., 3.6 crore (4.5%) shares of Adani Transmission Ltd., and 1.1 crore shares (1.2%) of Adani Green Energy Ltd. will be released.
Last month, the promoters prepaid $1.1 billion in borrowings for Adani Ports and Special Economic Zone, Adani Green Energy and Adani Transmission ahead of September 2024 maturity. Together with the earlier repayments in February, Adani Group has prepaid $2.02 billion of share-backed financing, the conglomerate said.
The promoters are looking to prepay all share-backed financing before March 31, the group said.
The repayments are part of the efforts to allay fears after the Hindenburg Research report alleging stock manipulation wiped off more than $150 billion from the group's market value. The conglomerate rejected the allegations, and shares have of the group companies have partly recovered as the promoters raised 15,446 crore ($1.87 billion) from U.S.-based investment firm GQG Partners by selling stakes in Adani Enterprises, Adani Ports and Special Economic Zone, Adani Green Energy and Adani Transmission.
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