Adani Group Update: Adani Group has prematurely repaid its outstanding $ 2.65 billion loan. The group has already repaid the loan under the Prepayment Program before the March 31 deadline. So that it can help in winning the trust of the investors. In the Hindenberg Research Report, questions were raised regarding the huge debt owed by the Adani group.
In its statement, Adani Group said that it repaid the loan of $2.15 billion which was taken by pledging the shares. Apart from this, the loan of $ 500 million taken by the group for the acquisition of Ambuja Cement has also been repaid.
In a credit note issued on June 5, the Adani group said that the group has made full prepayment of the $2.15 billion loan, which was taken by keeping the shares of the group’s listed companies as mortgage. Also, a loan of $700 million was taken for the acquisition of Ambuja Cement. Adani Group told that $ 203 million has been paid as interest. In the credit update, the group has informed that the process of selling the shares of the four listed groups to GQG Partners for $1.87 billion has been completed.
The Adani group said in a credit update that the process of reducing debt ahead of time in this volatile period proves its strong cash management. After the Hindenburg Research report came out on January 24, 2023, the market cap of 10 companies listed on the stock exchange of Adani Group had decreased by more than Rs 12 lakh crore. But after GQG Partners bought a stake in the company, the group’s shares gained strength.
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