The Adani Group on Tuesday stated it had pay as you go share-backed financing of ₹7,374 crore because the conglomerate tries to get well from U.S. based mostly brief vendor Hindenburg Research’s scathing report on its companies.
Earlier final month, amidst a rout in its shares, the group had repaid ₹9,200 crore price loans earlier than maturity to launch shares pledged by the promoters.
“In continuation of promoters’ commitment to reduce the overall promoter leverage backed by Adani listed company shares, we would like to inform you that we have prepaid share backed financing of ₹7,374 crore ahead of its latest maturity in April 2025,” the corporate stated in an announcement.
With the most recent spherical of prepayment of loans to varied banks and monetary establishments, 155 million shares in Adani Ports, 31 million shares in Adani Enterprises, 36 million shares in Adani Transmission, and 11 million shares in Adani Green might be launched.
The group stated that the transfer was per promoters’ dedication to prepay all share backed financing earlier than March 2023, as half of strengthening its stability sheets.
The group has additionally held roadshows in Singapore and Hong Kong in a bid to assuage the investor group’s fears following the Hindenburg report, which triggered the rout in inventory costs.
After being battered on the bourses because the final week of January, the group’s shares have recovered considerably in the previous couple of buying and selling periods within the wake of a U.S. funding agency GQG Partners’ acquisition of ₹15,446 crore price of stake in 4 group companies.
Hindenburg had accused the group of a number of malpractices together with inventory worth manipulation and accounting fraud whereas elevating issues in regards to the excessive stage of debt.
