Adani Group prepays Rs 73.74 billion share-backed financing: Report
Adani Group on Tuesday said that it has prepaid share-backed financing worth Rs 73.74 billion ($901.16 million) as part of its promoters’ commitment to cut down overall leverage backed by shares of the group's listed companies, Reuters reported.
The Adani Group, led by billionaire Gautam Adani, has been seeking to alleviate concerns about its credit profile after US-based short seller Hindenburg Research raised allegations of high debt, improper use of offshore tax havens, and stock manipulation, which Adani has denied.
The promoters of Adani's flagship firm, Adani Enterprises, will be releasing 31 million shares, which equates to a 4% stake, while the promoters of Adani Ports will be releasing 155 million shares, or an 11.8% stake. The group made this announcement in a statement.
In addition, the promoters of Adani Green Energy and Adani Transmission will also release stakes in their respective companies. Adani Green Energy's promoters will release a 1.2% stake, while Adani Transmission's promoters will release a 4.5% stake.
The Adani group made a similar move in February by pre-paying $1.11 billion, and with the recent repayment on Tuesday, the group has now paid off approximately $2.02 billion of share-backed financing, according to the statement.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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