Adani Group pre-pays over $900 million worth share-backed financing
Adani Group has prepaid share-backed financing worth $901.16 million as part of its commitment to reduce overall leverage. The move comes amid concerns about the conglomerate's credit profile following allegations of high debt and improper use of offshore tax havens and stock manipulation.
Embattled Indian conglomerate Adani said on Tuesday it prepaid share-backed financing of 73.74 billion rupees ($901.16 million), as part of its promoters' commitment to cut overall leverage backed by shares of the Group's listed companies.
The billionaire Gautam Adani-led Adani Group has been looking to ease concerns about its credit profile after a US-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied.
Promoters of the group's flagship firm, Adani Enterprises will release 31 million shares, or a 4 percent stake, while Adani Ports' promoters will release 155 million shares, or an 11.8 percent stake, the group said in a statement.
Promoters of Adani Green Energy and Adani Transmission will release 1.2 percent and 4.5 percent stakes in the respective companies.
In a similar move, the group in February pre-paid $1.11 billion. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said.
($1 = 81.8280 Indian rupees)
(Edited by : Soham Shetty)
First Published: Mar 7, 2023 2:34 PM IST
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