New Delhi: The Adani Group on Tuesday made confidence-boosting steps of repaying prepaid share-backed financing of Rs 7,374 crore.
The move, according to India Today, is part of its promoters’ commitment to cut overall leverage backed by shares of the conglomerate’s listed entities.
“In continuation of promoters’ commitment to reduce the overall promoter leverage backed by Adani Listed Company shares, we would like to inform that we have prepaid share backed financing of ₹7,374 cr ($902 Million) ahead of its latest maturity in April 2025," the Adani Group reportedly said.
The Adani Group has taken this strategic step to reduce debt thus to regain the confidence of investors in both India and abroad.
The development comes just as the group is still reeling from the damning report by US short seller Hindenburg Research weeks ago.
Report caused a ripple effect in the market, causing Adani Group reporting sharp losses in 10 listed companies.
Adani Group reacted to Hindenburg report by categorically denying allegations against it.
Subsequently, the group opted for the strategy of reducing debt especially those ‘ involving pledged shares’, as per the report by India Today.
Meanwhile a report quoting Adani Group reveals that Adani Enterprises will release 31 million shares, meaning 4 per cent stake.
In a more astute move, Adani Ports and Special Economic Zone will release 155 million shares while promoters of Adani Green Energy and Adani Transmission will offer 1.2 per cent and 4.5 per cent stakes respectively.