Adani Group Promoters To Prepay $1.1 Billion To Release Pledged Shares
February 2023: Amid volatility and sell-off in Adani Group shares, the promoters will prepay a $1.1 billion loan for the release of pledged shares, ahead of its maturity in September 2024. The group made this announcement on Monday.
Noting the recent market volatility, the promoters have posted an amount to prepay $1,114 million ahead of its September 2024 maturity, the Adani Group said in a statement.
The prepayment by the promoters will see the release of shares in Adani Ports and SEZ, Adani Transmission and Adani Green Energy.
168.27 million shares or 12% holding of promoters in Adani Ports and SEZ, 27.56 million shares of Adani Green Energy Ltd (promoters holding 3%) and 11.77 million shares of Adani Transmission Ltd (1.4% holding) will be released this year. prescribed course.
The company said the move is to continue the promoters’ assurance of prepayment of all share-backed loans and is aimed at allaying investor concerns over the group’s balance sheet.
Adani Group is looking to prepay a large chunk of its loans against stocks (LAS) and reduce the exposure to zero in the next 30-45 days, Economic Times reported earlier, to allay investor concerns amid a sustained fall in share prices.
The day Earlier this month, the Gautam Adani-led group clarified that no shares of Ambuja or ACC have been pledged by the promoters.
“The promoters have only provided non-disposal guarantees and accordingly, there is no requirement to provide top-up of shares of Ambuja and ACC or cash top-up under the acquisition financing raised last year,” the group said in a statement.
After this announcement, shares of Adani Ports and SEZ rose up to 10% to Rs. 548.70 touched the day’s high. Shares of Adani Green fell 5%, Adani Transmission fell 10%.
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