Adani Group prepays $200 million part of debt used to acquire Holcim's India units: Report
Mumbai: Adani Cement Industries Ltd. has made a pre-payment of $200 million in the last week to reduce its $1 billion mezzanine loan that it had taken from global banks to finance the acquisition of Holcim Ltd.'s Indian units, Bloomberg reported citing sources.
This pre-payment will enable Adani Cement Industries to extend the debt taken for the acquisition by three years. The mezzanine loan, which was part of the $4.5 billion loan extended by global banks, was originally set to mature in September 2024, the report said.
In September 2022, the Adani Group acquired Ambuja Cements and ACC Ltd, which are subsidiaries of the Holcim Group based in Switzerland, for a total of $6.4 billion. With the acquisition, Adani has become the second largest cement manufacturer in India, with Aditya Birla Group's UltraTech Cement being the only larger player.
In January, Hindenburg Research, a US-based short-seller, accused the Indian conglomerate of wrongdoing, causing a decline in Adani's stocks and bonds.
However, the company has since paid off approximately $2 billion in share-backed loans, met its bond payments, and received a $1.9 billion investment from renowned investor Rajiv Jain of GQG Partners.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Rishab Shetty's Kantara Chapter 1 roars in box office on opening day
Five Pakistan fighter jets were shot down during Operation Sindoor, claims IAF chief
Ex-Pakistan captain Sana Mir says her controversial 'Azad Kashmir' remark was 'blown out of proportion'
KL Rahul slams century, India take comfortable lead over West Indies
