India’s Adani Group pre-pays over 73.74 billion rupees worth share-backed financing

EMBATTLED Indian conglomerate Adani said on Tuesday (Mar 7) it prepaid share-backed financing of 73.74 billion rupees (S$1212.6 million), as part of its promoters’ commitment to cut overall leverage backed by shares of the Group’s listed companies.

The billionaire Gautam Adani-led Adani Group has been looking to ease concerns about its credit profile after a US-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied.

Promoters of the group’s flagship firm, Adani Enterprises will release 31 million shares, or a 4 per cent stake, while Adani Ports’ promoters will release 155 million shares, or an 11.8 per cent stake, the group said in a statement.

Promoters of Adani Green Energy and Adani Transmission will release 1.2 per cent and 4.5 per cent stakes in the respective companies.

In a similar move, the group in February pre-paid US$1.11 billion. With Tuesday’s repayment, the group has so far repaid around US$2.02 billion of share-backed financing, it said. REUTERS