Adani Group said in a statement that share-backed loans worth Rs 7,374 crore have been repaid ahead of schedule, while their term was to be completed in April 2025.
Adani Group News: Controversy-hit Adani Group said on Tuesday that it has repaid a loan of Rs 7,374 crore taken against pledge of shares and will clear other such loans by the end of March. Adani Group said in a statement that share-backed loans worth Rs 7,374 crore have been repaid ahead of schedule, while their term was to be completed in April 2025. The group said that in line with the promoters’ commitment to reduce debt taken against shares of listed companies, these have been repaid ahead of schedule.
Shares will come back
The promoters’ 4 per cent stake in the group’s flagship company Adani Enterprises was pledged while their 11.8 per cent stake in Adani Ports and SEZ was pledged with banks. Apart from these, 3.6 crore shares of Adani Transmission Limited were also pledged, which is 4.5 per cent stake of the promoters. Similarly, 1.1 crore shares of Adani Green Energy ie 1.2 per cent promoters’ stake were also pledged with the lenders.
What is Adani’s planning
After repaying the loan taken against these shares, the promoters’ shares in these four group companies will return to them. Prior to this, the Adani group had also repaid some loan in the beginning of February. According to the statement, so far Adani Group has repaid equity-backed debt worth $2.016 billion. Along with this, the group said that it is firm on the commitment of the promoters to repay all the share-backed debt by March 31, 2023.
Shares fell after Hindenburg Research
In a report by the American firm Hindenburg Research on January 24, Adani Gruve was accused of financial fraud and rigging in raising the prices of shares. Although the group denied all these allegations as baseless, but the prices of shares of its companies continued to fall. The condition has become such that within a month of the report, the market cap of the listed companies of Adani Group fell by more than 60 percent. By the way, since last week, this decline has come under control and again the prices of shares are seeing a boom.
Many questions were raised regarding the loan
Due to the huge debt burden on the Adani Group group, questions have been raised many times about its financial health. The group’s gross debt has doubled in the last four years. Last September, CreditSights, a unit of Fitch Group, had said that the Adani Group has resorted to debt for its expansion and is now in debt beyond its limits. The gross debt on Adani Group has increased to Rs 2.21 lakh crore. The group will also have to repay foreign currency bonds worth $2 billion next year.
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