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Adani prepays $1,114 million to release the Group companies’ shares
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Print Adani prepays $1,114 million to release the Group companies’ shares
Gautam Adani and his family, who are promoters of the Adani Group companies have prepaid $1114 million worth of borrowings raised with pledging of shares of various listed entities ahead of the schedule payment in September 2024.
With prepayment, pledged shares in Adani Ports & Special Economic Zone, Adani Green Energy and Adani Transmission will be released by the lenders.
The promoters’ decision to pre-payment will help release 11.77 million shares in Adani Transmission Ltd., 168.27 million shares of Adani Ports & Special Economic Zone Ltd and 27.56 million shares of Adani Green Energy Ltd.
The move is aimed at scotching fears of investors amidst rout in the companies’ stocks after a damaging report published by the U.S. short seller Hindenburg Research which raised concerns about the “substantial debt” of the group entities.
In a statement; the company said, “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.”
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