Adani Group Prepays Rs 7,374 Crore Of Share Backed Financing

Billionaire Gautam Adani-led Adani Group on Tuesday said that it has prepaid share backed financing worth Rs 7,374 crore or $902 million ahead of its latest maturity in April 2025.

With the repayment of the said Rs 7,374 crore 155 million shares of Adani Ports and SEZ representing 11.8 per cent of promoter holding will get released.

31 million shares of Adani Enterprises, 36 million shares of Adani Transmission and 11 million shares of Adani Green Energy will also get released, Adani Group said in a press release.

Along with the repayments done earlier in the month of February, Adani has prepaid $2.01 billion of share backed financing, which is consistent with promoters’ commitment to prepay all share backed financing before March 31, 2023.

In January this year, the US-based short seller Hindenburg Research levelled allegations of fraud, stock price manipulation and improper use of tax havens which led to massive selloff in the Adani Group shares. Adani Group lost as much as Rs 12 lakh crore in market capitalization in the selloff that followed.

Following the allegations by Hindenburg, Adani Group lost around 12 lakh crore in market capitalizations with its group companies like Adani Total Gas crashing 84 per cent, Adani Transmission falling 75 per cent, Adani Wilmar tumbling 27 per cent, Adani Power dropping 41 per cent, Adani Ports declining 19 per cent, Adani Green Energy plunging per cent and Adani Enterprises declining 53 per cent.