Adani Group repaid equity-backed debt of Rs 7,374 crore
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The Adani Group said in a statement that equity-backed loans worth Rs 7,374 crore have been repaid ahead of schedule, while their tenure was to be completed in April, 2025.
Controversy-hit Adani Group on Tuesday said it has repaid a loan of Rs 7,374 crore taken against pledge of shares and will clear other such loans by the end of March. The Adani Group said in a statement that equity-backed loans worth Rs 7,374 crore have been repaid ahead of schedule, while their tenure was to be completed in April, 2025.
The group said, “The same has been repaid ahead of schedule in line with the promoters’ commitment to reduce debt taken against shares of listed companies.” while his 11.8 per cent stake in Adani Ports & SEZ was pledged to banks. Apart from these, 3.6 crore shares of Adani Transmission Limited were also pledged, which is 4.5 per cent stake of the promoters.
Similarly, 1.1 crore shares of Adani Green Energy, or 1.2 per cent of the promoters’ holding, were also pledged with the lenders. After repaying the loan taken against these shares, the promoters’ shares in these four group companies will come back to them. Prior to this, the Adani group had also repaid some loans in the beginning of February. So far, Adani Group has repaid equity-backed debt worth $2.016 billion, according to the statement. Along with this, the group said that it stands by the promoters’ commitment to repay all equity-backed debt by March 31, 2023. A report by the American firm Hindenburg Research on January 24 accused the Adani group of financial fraud and manipulation of share prices.
Although the group denied all these allegations as baseless, the share prices of its companies continued to fall. The condition has become such that within a month of the report, the market capitalization of the listed companies of Adani Group fell by more than 60 percent. By the way, since last week, this fall has been curbed and again the prices of shares are seeing a boom.
Due to the huge debt burden on the Adani Group, questions have been raised many times about its financial health. The group’s gross debt has doubled in the last four years. Last September, CreditSights, a unit of the Fitch Group, had said that the Adani group had resorted to debt to fund its expansion and was now over-indebted. The gross debt on the Adani group has increased to Rs 2.21 lakh crore. The group will also have to repay foreign currency bonds worth $2 billion next year.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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