Promoters of Adani Group have posted the amounts to prepay $1.1 billion of share-backed facility of its maturity of September 2024, said the conglomerate’s spokesperson on Monday.
“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, we are pleased to inform that promoters have posted the amounts to prepay $1,114 million ahead of its maturity of Sep 2024,” said the conglomerate’s spokesperson in a statement.
With the repayment of such amount, the following shares shall be released:
* Adani Green Energy: 27.56 million shares, representing 3% of promoters’ holding
* Adani Ports: 168.27 million shares, representing 12% of promoters’ holding
* Adani Transmission: 11.77 million shares, representing 1.4% of promoters’ holding
This is in continuation of promoters’ assurance to prepay all share-backed financing, said the ports-to-power conglomerate.
Adani Green’s scrip slipped 5% on Monday and is currently locked in lower circuit level of Rs 887.55 against a previous close of Rs 934.25, extending its fall for the fourth straight session. The scrip has lost more than half of its value in the past one month. 10-listed Adani Group companies took a major hit after a US-based short seller Hindenburg Research alleged that the Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. Adani Group, however, refuted the claims as baseless.
Adani Group denied media reports that said the conglomerate was planning to cut back its capital spending.
Adani Group plans to trim its capital spending while providing more collateral in the form of stock pledges to lenders, Mint reported citing people close to the development.
“False report, on the contrary Adani Group is moving to prepay all LAS (Loans Against Shares) finance,” a spokesperson for the group said in an emailed statement to Reuters.