Adani Group has said that before its maturity in April 2025, its promoters have repaid a loan of Rs 7,374 crore. Adani Group told that after this pre-payment, a total of 23.3 crore shares will be redeemed. This pre-payment will be done to many international banks and domestic financial institutions.
Under this pre-payment plan, 15.5 crore shares of Adani Ports and Special Economic Zone will be redeemed, which is 11.8% of the promoters’ holding. Similarly, 3.1 shares (4%) of Adani Enterprises Ltd, 3.6 crore shares (4.5%) of Adani Transmission and 1.1 crore shares (1.2%) of Adani Green Energy will be redeemed.
Its effect is visible on the shares of all the four companies. There is an upper circuit of 5% on Adani Green, Adani Transmission, Adani Enterprises and Adani Port are also booming.
Last month, the promoters prepaid $1.1 billion for loans to Adani End SEZ, Adani Green Energy and Adani Transmission ahead of their September 2024 maturity. Adani Group said that with earlier repayments in February, Adani Group made prepayment of $ 2.02 billion for share-backed financing. Adani Group said that the promoters want to prepay all share-backed financing before 31 March.
The repayment by Adani Group is part of an effort to allay fears after the Hindenburg Research report alleging stock manipulation, wiping off more than $150 billion in Adani Group’s market value
Adani Group rejected the allegations, and shares of group companies took a hit as promoters raised Rs 15,446 crore from US-based investment firm GQG Partners by selling stake in Adani Enterprises, Adani Ports and SEZ, Adani Green, Adani Transmission Raised ($1.87 billion).
