12/03/2023, 22:28 adani group: Adani Group clears dues on margin-linked share-backed loans of $2.

re-backed loans of $2.15 billion - The Economic Times

English Edition | 12 March, 2023, 10:17 PM IST | Today's Paper

Adani Group clears dues on margin-linked share-

backed loans of $2.15 billion
By Vidya Sreedhar, ETMarkets.com Last Updated: Mar 12, 2023, 10:16 PM IST

Synopsis
This is in line with promoters’ commitment to increase equity contribution, and
promoters have now infused $2.6 billion, out of total acquisition value of $6.6 billion for
Ambuja and ACC,” the release by the Adani Group said. The entire prepayment program
meof $2.65 billion has been completed within 6 weeks.

The Adani Group has completed full prepayment

of margin-linked share-backed financing
aggregating $2.15 billion, well before the
committed timeline of March 31.

This is in continuation of the promoters’

RELATED commitment to repay the promoter leverage, the
Adani family looks to sell group said in a statement.
4.5% in Ambuja Cements to
raise funds

Adani shares block deal

In addition to the above, promoters have also
helps FPIs investment into prepaid the $500-million loan facility taken for
equities turn positive in
March financing the acquisition of Ambuja Cements
Ltd.
Adani Group increases share
pledges in 2 companies

This is in line with promoters’ commitment to

increase equity contribution, and promoters have now infused $2.6 billion,
out of total acquisition value of $6.6 billion for Ambuja and ACC,” the release
said.

The entire prepayment program of $2.65 billion has been completed within 6
weeks.

“It testifies the strong liquidity management and access to capital at sponsor
level, supplementing the solid capital prudency adopted at all portfolio
companies,” the group said.

Earlier this month, the group prepaid loans worth Rs 7,374 crore, which were
taken against company shares as collateral, ahead of the maturity in April
2025. With this prepayment, promoters got 155 million shares in Adani Ports,
31 million shares in Adani Transmission, and 11 million shares in Adani Green
released.

The prepayment was done following the Rs 15,000 crore worth of stake sale by
promoters in 4 Adani Group companies to GQG Partners.

Today’s announcement by the group comes at a time when reports had said
that Gautam Adani is looking at selling a partial stake in Ambuja Cements to
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12/03/2023, 22:28 adani group: Adani Group clears dues on margin-linked share-backed loans of $2.15 billion - The Economic Times

raise about Rs 3,000 crore to repay loans.

The various steps taken by the group to prepay loans is to assuage investors’
concerns about the group’s ability to service debt, which was triggered by US-
based short seller Hindenburg Research.

In a massive controversial report released late January, the short-seller has

accused the group of corporate misgovernance, stock price manipulation,
highly leveraged debt, negative cash flows among others.

This had triggered a bloodbath in the Adani stocks and eroded investors’
wealth significantly. However, stocks rebounded following the prepayment of
loans by promoters and the capital infusion by GQG Partners.

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