NEW DELHI: Embattled Adani The team on Sunday mentioned it has repaid loans aggregating $2.65 billion to finish a prepayment program forward of the March 31 time limit to chop total leverage in an try to win again investor agree with submit a damning file of a US quick vendor.
In a remark, Adani team mentioned it has repaid $2.15 billion of loans that have been taken via pledging stocks within the conglomerate’s indexed companies and likewise any other $500 million in loans taken for the purchase of Ambuja Cements,
The announcement comes inside of days of the gang pronouncing it has pre-paid Rs 7,374 crore (about $902 billion) loans that have been taken pledging stocks in 4 team corporations. This has now been scaled as much as $2.15 billion.
While Adani team has no longer detailed the supply of cash for reimbursement of loans, those got here inside of days of the promoters promoting minority stakes in 4 indexed corporations to US-based GQG Partners for Rs 15,446 crore.
“In continuation of promoters’ commitment to repay the promoter leverage, Adani has completed full prepayment of margin linked share backed financing aggregating to $ 2.15 billion, well before the committed timeline of March 31, 2023,” it mentioned. “In addition to above, promoters have also prepaid a $500 million facility taken for Ambuja acquisition financing.”
This, it mentioned, was once in step with promoters’ dedication to extend fairness contribution and promoters have now infused $2.6 billion out of overall acquisition worth of $6.6 billion for Ambuja and ACC.
“The entire prepayment program of $2.65 billion has been completed within 6 weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudence adopted at all portfolio companies,” the remark mentioned.
The remaining announcement of prepayment of share-backed financing of Rs 7,374 crore on March 7 was once adopted via extra stocks belonging to corporations of the gang being pledged as safety for loans taken via the gang’s flagship company.
On March 8, SBICap trustee in notices to inventory exchanges had mentioned {that a} additional 0.99 according to cent stocks in Adani Green Energy Ltd have been pledged “for the benefits of the lenders” of Adani Enterprises Ltd. An further 0.76 p.c stocks in Adani Transmission Ltd have been additionally pledged to banks, the trustee mentioned.
With the newest pledge, the overall stocks in Adani Green Energy Ltd – the gang’s renewable power corporate – that have been laden with SBICap was once 2 according to cent. In the case of Adani Transmission, this got here to at least one.32 according to cent.
The March 7 remark mentioned that the reimbursement of Rs 7,374 crore will unlock pledge on stocks of promoters in 4 team corporations, and along with repayments completed previous, the gang has pay as you go $2.016 billion of share-backed financing.
Founder chairman Gautam Adani and his brother Rajesh on behalf of SB Adani Family Trust on March 2 introduced sale of stocks in flagship incubating company Adani Enterprises Ltd (AEL), port corporate Adani Ports and Special Economic Zone Ltd (APSEZ), electrical energy transmitting company Adani Transmission Ltd (AEL) and renewable power company Adani Green Energy Ltd (AGEL) ).
That helped promote the gang flip the narrative construction since US quick vendor Hindenburg Research launched a damning file on January 24.
The 10 indexed Adani Group corporations, which in combination had misplaced about $135 billion in marketplace worth following the file, have noticed inventory costs upward push in successive buying and selling classes ever since.
In September remaining yr, CreditSights, a Fitch Group unit, mentioned the gang was once “deeply overleveraged” because it used debt to make bigger an empire focused on ports and coal mining to incorporate airports, information facilities and cement in addition to inexperienced power.
In the January 24 file, US quick vendor Hindenburg Research flagged “substantial” debt ranges on the team whilst alleging accounting fraud and use of offshore shell corporations to inflate inventory costs.
The team has denied all Hindenburg allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.
It is now hoping to claw again the narrative via opting for sluggish and secure enlargement over the breakneck, most commonly debt-fuelled, enlargement spree of new years.
It has already scrapped a Rs 7,000-crore coal plant acquire, determined to not bid for a stake in state-backed power buying and selling company PTC, reined in bills, repaid some debt and promised to pay off extra.
Adani Group’s gross debt has doubled within the remaining 4 years. It has virtually $2 billion value of foreign-currency bonds arising for reimbursement in 2024.
The team’s gross debt has grown from Rs 1.11 lakh crore in 2019 to Rs 2.21 lakh crore in 2023, in line with a presentation made to buyers remaining month.
After together with money, the online debt was once Rs 1.89 lakh crore in 2023.
In a remark, Adani team mentioned it has repaid $2.15 billion of loans that have been taken via pledging stocks within the conglomerate’s indexed companies and likewise any other $500 million in loans taken for the purchase of Ambuja Cements,
The announcement comes inside of days of the gang pronouncing it has pre-paid Rs 7,374 crore (about $902 billion) loans that have been taken pledging stocks in 4 team corporations. This has now been scaled as much as $2.15 billion.
While Adani team has no longer detailed the supply of cash for reimbursement of loans, those got here inside of days of the promoters promoting minority stakes in 4 indexed corporations to US-based GQG Partners for Rs 15,446 crore.
“In continuation of promoters’ commitment to repay the promoter leverage, Adani has completed full prepayment of margin linked share backed financing aggregating to $ 2.15 billion, well before the committed timeline of March 31, 2023,” it mentioned. “In addition to above, promoters have also prepaid a $500 million facility taken for Ambuja acquisition financing.”
This, it mentioned, was once in step with promoters’ dedication to extend fairness contribution and promoters have now infused $2.6 billion out of overall acquisition worth of $6.6 billion for Ambuja and ACC.
“The entire prepayment program of $2.65 billion has been completed within 6 weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudence adopted at all portfolio companies,” the remark mentioned.
The remaining announcement of prepayment of share-backed financing of Rs 7,374 crore on March 7 was once adopted via extra stocks belonging to corporations of the gang being pledged as safety for loans taken via the gang’s flagship company.
On March 8, SBICap trustee in notices to inventory exchanges had mentioned {that a} additional 0.99 according to cent stocks in Adani Green Energy Ltd have been pledged “for the benefits of the lenders” of Adani Enterprises Ltd. An further 0.76 p.c stocks in Adani Transmission Ltd have been additionally pledged to banks, the trustee mentioned.
With the newest pledge, the overall stocks in Adani Green Energy Ltd – the gang’s renewable power corporate – that have been laden with SBICap was once 2 according to cent. In the case of Adani Transmission, this got here to at least one.32 according to cent.
The March 7 remark mentioned that the reimbursement of Rs 7,374 crore will unlock pledge on stocks of promoters in 4 team corporations, and along with repayments completed previous, the gang has pay as you go $2.016 billion of share-backed financing.
Founder chairman Gautam Adani and his brother Rajesh on behalf of SB Adani Family Trust on March 2 introduced sale of stocks in flagship incubating company Adani Enterprises Ltd (AEL), port corporate Adani Ports and Special Economic Zone Ltd (APSEZ), electrical energy transmitting company Adani Transmission Ltd (AEL) and renewable power company Adani Green Energy Ltd (AGEL) ).
That helped promote the gang flip the narrative construction since US quick vendor Hindenburg Research launched a damning file on January 24.
The 10 indexed Adani Group corporations, which in combination had misplaced about $135 billion in marketplace worth following the file, have noticed inventory costs upward push in successive buying and selling classes ever since.
In September remaining yr, CreditSights, a Fitch Group unit, mentioned the gang was once “deeply overleveraged” because it used debt to make bigger an empire focused on ports and coal mining to incorporate airports, information facilities and cement in addition to inexperienced power.
In the January 24 file, US quick vendor Hindenburg Research flagged “substantial” debt ranges on the team whilst alleging accounting fraud and use of offshore shell corporations to inflate inventory costs.
The team has denied all Hindenburg allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.
It is now hoping to claw again the narrative via opting for sluggish and secure enlargement over the breakneck, most commonly debt-fuelled, enlargement spree of new years.
It has already scrapped a Rs 7,000-crore coal plant acquire, determined to not bid for a stake in state-backed power buying and selling company PTC, reined in bills, repaid some debt and promised to pay off extra.
Adani Group’s gross debt has doubled within the remaining 4 years. It has virtually $2 billion value of foreign-currency bonds arising for reimbursement in 2024.
The team’s gross debt has grown from Rs 1.11 lakh crore in 2019 to Rs 2.21 lakh crore in 2023, in line with a presentation made to buyers remaining month.
After together with money, the online debt was once Rs 1.89 lakh crore in 2023.