Adani to prepay $1.11-billion loans
With an objective of allaying investors’ concerns on the balance sheet and its ability to honour debt payments, Adani Group promoters have decided to prepay loans worth $1.1 billion taken against shares as collateral.
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Hyderabad: With an objective of allaying investors' concerns on the balance sheet and its ability to honour debt payments, Adani Group promoters have decided to prepay loans worth $1.1 billion taken against shares as collateral. The maturity of such loans is due in September 2024.
With the prepayments, pledged shares in Adani Ports and SEZ, Adani Transmission and Adani Green Energy will be released, the group's official spokesperson said in a statement.
About 168.27 million shares in Adani Ports, accounting for 12 per cent of the promoters' holding, will get released.
27.56 million shares or three per cent of promoters' holding in Adani Green Energy will be released. In Adani Transmission, 11.77 million shares or 1.4 per cent of promoters' holdings will get released.
"In light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani Listed Company shares, we are pleased to inform that promoters have posted the amounts to prepay $1,114 million ahead of its maturity of Sep 2024," said the spokesperson.
