The Adani Group has paid off $2.15 billion in share-backed loans
According to a statement, the Gautam Adani-owned conglomerate also prepaid a $500 million facility it had taken out for Ambuja acquisition financing.
Adani Group signage at the company’s gas station in Ahmedabad
Adani Group announced that it had completed the full prepayment of $2.15 billion in margin-linked share-backed financing as part of its debt prepayment plan by the March 31 deadline.
The conglomerate owned by Gautam Adani also prepaid a $500 million facility used for Ambuja acquisition financing, it said in a statement on Sunday, adding that the payment is part of the promoters’ commitment to repay the leverage.
“This is consistent with the promoters’ commitment to increase (the) equity contribution, and promoters have now infused $2.6 billion out of (a) total acquisition value of $6.6 billion for Ambuja and ACC,” according to the statement.
Adani Group paid $10.5 billion for Holcim AG’s cement businesses in India, Ambuja Cements and ACC Ltd, in its largest-ever acquisition.
Adani’s latest move comes as the company seeks to re-establish investor trust and alleviate debt concerns in the aftermath of a damning report by US short-seller Hindenburg Research.
Hindenburg’s report accused the group of stock manipulation and improper use of tax havens, as well as highlighting “substantial” debt levels, which the group has denied.
