Adani Enterprises, Adani Green, Adani Power: Adani shares in focus as group prepays Rs 7,347 cr loans
Adani Enterprises Ltd, Adani Green Energy Ltd, Adani Power Ltd, Adani Transmission and other Adani group shares will be in focus in Wednesday’s trade after the Adani group said it has repaid share-based financing of Rs 7,374 crore and would prepay all such remaining loans by the end of the month.
The development came after SB Adani Family Trust last week sold Rs 15,446 crore worth stakes in four Adani group firms to US-based GQG Partners. Besides, the ports-to-power conglomerate has lined up more road shows to shore up investor confidence after Hindenburg Research’s scathing report on January 24, which sent the group market capitalisation falling as much as $150 billion recently. The moves are seen boosting investor confidence, as seen in the recent recovery in Adani group shares.
The fresh repayment will release pledge on shares of promoters in four group companies, the Adani group said in a statement. The group in February pre-paid $1.11 billion. With Tuesday’s repayment, the group has so far repaid around $2.02 billion of share-backed financing.
GQG Partners on Thursday via block deals bought 38,701,168 Adani Enterprises shares at Rs 1,410.86 apiece for Rs 5,460 crore. It purchased 88,600,000 Adani Ports shares at Rs 596.20 apiece for Rs 5,282 crore. In Adani Transmission, it bought 28,400,000 shares at Rs 668.40, totalling Rs 1,898 crore. Besides, it bought 55,600,000 shares of Adani Green Energy at Rs 504.60, valuing Rs 2,806 crore.
Jain told Reuters the Australian-listed firm had carried out its own ‘deep dive’ into Adani and disagreed with Hindenburg’s report.
Meanwhile, there are reports that Adani group would hold fixed-income road shows this month in London, Dubai, and several cities in the United States. Also, LIC team met up with the Adani Group’s top management and post the meeting it is more confident of the group’s business prospects.
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