Adani Group prepays Rs 73.74 billion of share backed financing

The Adani Group has prepaid share-backed financing of Rs 73.74 billion ahead of maturity in April 2025. The company seeks to pacify nervous investors and lenders after the US-based Hindenburg Research accused it of accounting malpractices and stock price manipulation. Along with the repayments done earlier in February 2023, Adani has prepaid $2,016 million of share-backed financing, which is consistent with the promoters’ commitment to prepay all share-backed financing before March 31, 2023. The repayment of Rs 73.74 billion to international banks and Indian financial institutions will help release shares of its listed firms including, Adani Ports and Special Economic Zone Limited (155 million shares representing 11.8 per cent of the promoters’ holding), Adani Enterprises Limited (31 million shares representing 4 per cent of the promoters’ holding), Adani Transmission Limited (36 million shares representing 4.5 per cent of the promoters’ holding) and Adani Green Energy Limited (11 million shares representing 1.2 per cent of the promoters’ holding).