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The Adani Group on Tuesday said it had prepaid share-backed financing of ₹7,374 crore as the conglomerate tries to recover from U.S. based short seller Hindenburg Research’s scathing report on its businesses.
Earlier last month, amidst a rout in its stocks, the group had repaid ₹9,200 crore worth loans before maturity to release shares pledged by the promoters.
“In continuation of promoters’ commitment to reduce the overall promoter leverage backed by Adani listed company shares, we would like to inform you that we have prepaid share backed financing of ₹7,374 crore ahead of its latest maturity in April 2025,” the company said in a statement.
With the latest round of prepayment of loans to various banks and financial institutions, 155 million shares in Adani Ports, 31 million shares in Adani Enterprises, 36 million shares in Adani Transmission, and 11 million shares in Adani Green will be released.
The group said that the move was consistent with promoters’ commitment to prepay all share backed financing before March 2023, as part of strengthening its balance sheets.
The group has also held roadshows in Singapore and Hong Kong in a bid to assuage the investor community’s fears following the Hindenburg report, which triggered the rout in stock prices.
After being battered on the bourses since the last week of January, the group’s stocks have recovered significantly in the last few trading sessions in the wake of a U.S. investment firm GQG Partners’ acquisition of ₹15,446 crore worth of stake in four group firms.
Hindenburg had accused the group of multiple malpractices including stock price manipulation and accounting fraud while raising concerns about the high level of debt.
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