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Adani prepays $2.15 billion share-backed loans

Mar 13, 2023, 00:12 am

Adani Group said it had completed full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31.

The Gautam Adani-owned conglomerate also prepaid a $500 million facility it had taken for Ambuja acquisition financing, it said in a statement on Sunday, adding that the payment comes in continuation of promoters' commitment to repay the leverage.

"This is in line with promoters' commitment to increase (the) equity contribution and promoters have now infused $2.6 billion out of (a) total acquisition value of $6.6 billion for Ambuja," the statement said.

Adani Group last year acquired Holcim AG's cement businesses in India – Ambuja Cements and ACC Ltd – for $10.5 billion, its largest-ever acquisition.

Adani's latest move comes as the group seeks to rebuild investor confidence and allay concerns about its debt by pre-paying loans in the aftermath of a scathing report by U.S. short-seller Hindenburg Research

Hindenburg's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.

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