Adani Group Promoters To Prepay $1.1 Billion Loan
With the repayment of such amount, the shares of Adani listed company shall be released in due course, said a company statement
By Shrabona Ghosh •
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In light of recent market volatility, promoters of Adani Group have posted the amounts to prepay $1,114 million ahead of its maturity in September 2024.
"In light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani Listed Company shares, we are pleased to inform that promoters have posted the amounts to prepay USD1,114 million ahead of its maturity in September 2024," said the company's spokesperson in a statement.
With the repayment of such amount, the shares of these Adani listed company shall be released in due course, Adani Ports & Special Economic Zone Ltd to release 168.27 million shares, representing 12 per cent of the promoters' holding. Adani Green Energy Limited to release 27.56 million shares, representing 3 per cent of promoters' holding and Adani Transmission Limited wil release 11.77 million shares, representing 1.4 per cent of promoters' holding.
Adani Group is in talks to prepay all loans backed by pledged shares, a spokesperson told Reuters on Monday, while denying media reports that said the conglomerate was planning to cut back its capital spending. According to a report by Mint, Adani Group plans to trim its capital spending while providing more collateral in the form of stock pledges to lenders. "False report, on the contrary Adani Group is moving to prepay all LAS (Loans Against Shares) finance," the spokesperson told Reuters.
On Sunday, finance minister Nirmala Sitharaman dismissed charges of the government favoring the Adani Group. She said, "Everything was awarded through open tender." She also accused the opposition of hypocrisy by pointing out that their governments in states have handed over land to the same conglomerate to build ports and other projects. "We have not given anything. Let me be absolutely clear, any project under Prime Minister Narendra Modi goes through the open tender process (of) global tendering," the minister told Times Now.
