Adani Group prepays over $900 million in equity-backed financing

BENGALURU: Crenellated Indian conglomerate Adani said on Tuesday that it had prepaid a Rs 73.74 billion ($901.16 million) equity-backed financing, as part of its promoters’ pledge to deleverage overall backed by shares in the Group’s listed companies.
Adani Group, led by billionaire Gautam Adani, has sought to ease concerns about its credit profile after a US-based short seller noted high debt and alleged misuse of offshore tax havens and stock manipulation. which Adani denied.
Promoters of the flagship company of the group, Adani Enterprises will release 31 million shares, or a 4% stake, while the promoters of Adani Ports 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 their respective companies.
In a similar move, the group prepaid $1.11 billion in February. With Tuesday’s repayment, the group has so far repaid about $2.02 billion in equity-backed financing, it said.


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