Adani Group pre-pays share-backed financing worth Rs 7,374 crore
Embattled Indian conglomerate Adani said it prepaid share-backed financing of Rs 7,374 crore or $901.16 million, as part of its promoters' commitment to cut overall leverage backed by shares of the Group's listed companies.
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FollowThe scandal-hit Adani Group on Tuesday said it has prepaid share-backed financing of Rs 7,374 crore, as part of its promoters' commitment to cut overall leverage backed by Adani listed company shares after a short-seller attack. The action is being taken as the Adani Group conducts a global tour to ensure investors that the business' finances are in order despite declining share prices and a regulatory investigation.
From March 7 to March 15, the business will conduct meetings with fixed-income investors in Dubai, London, and the US. The US meetings, which will take place in New York and Los Angeles, will last for four days. According to a Bloomberg report, similar events were conducted this week in Singapore and Hong Kong.
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Promoters of the group's flagship firm, Adani Enterprises will release 31 million shares, or a 4% stake, while Adani Ports' promoters will release 155 million shares, or an 11.8% stake, the group said in a statement. Promoters of Adani Green Energy and Adani Transmission will release 1.2% and 4.5% stakes in the respective companies.
In a similar move, the group in February pre-paid $1.11 billion. The company said that with the repayment on Tuesday, it will have paid back about $2.02 billion in share-backed funding.
The US-based short seller Hindenburg Research made accusations of deception, stock price manipulation, and inappropriate use of tax havens in January of this year, which caused a significant selloff in the shares of the Adani Group. The subsequent selloff resulted in a market value loss for Adani Group of up to Rs 12 lakh crore.
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