The contentious Adani Group has announced that it has repaid the Rs 7,374-crore (more than $900 million) share-backed financing provided by various international and domestic financial institutions, approximately two years ahead of the loan’s latest maturity date.
Overview
The move is part of a plan to reduce overall promoter leverage backed by Adani Group’s listed companies and repay all share-backed financing by March 31 this year, regardless of later maturity dates.
The massive repayment will free up four of the Group’s listed shares: 155 million Adani Ports & Special Economic Zone shares (11.8% of the promoters’ holding), 31 000 Adani Enterprises Limited shares (4%), 36 million Adani Transmission Limited shares (4.5%), and 11 million Adani Green Energy Limited shares (1.2%).
“In continuation of the promoters’ commitment to reducing overall promoter leverage backed by Adani listed company shares,” the statement said.
End Note
Adani Group has repaid approximately $2,106 million of share-backed financing in addition to the repayments made in February. Coincidently, the development comes right when the merger starts its line-up of road shows in London, Dubai, and the US.
