Jobaaj Stories
The Adani Group, led by Gautam Adani, has announced the prepayment of dues worth $902 million or Rs 7,374 crores which had been availed through the pledge of its shares.
This move is a bid by the group to reassure investors and cut down on the leverage the firm had availed. The loans repaid were to mature in April 2025.
After this prepayment, 155 million shares or 11.8% of the promoter holding in APSEZ, 31 million shares or 4% of promoter holding in Adani Enterprises, 11 million shares or 1.2% of promoter holding in AGEL and 36 million shares or 4.5% of promoter holding in Adani Transmission, have been released from their pledges.
Moreover, after this latest prepayment, they prepaid approximately $2.1 billion in share-backed loans.
The Group has been carrying out road shows in Dubai, London and the US with an aim to boost investor trust in them. The move is in line with their aim to cut down on its overall leverage and prepay all remaining loans before March.
The sell-off induced by the Hindenburg report appears to have eased as Adani Group stocks have regained some ground. Their market cap also rose over Rs 2 lakh crores recently.
The seven listed entities of the Adani Group are in focus as five of the seven companies surged 5% upon announcement.
At the time of reporting, Adani Enterprises, the flagship company of the Adani Group, was trading around Rs 2,028.50 per share.
- Aman Agarwal
