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HomeIndiaIndia's Adani prepays $2.15 billion in equity-backed loans - World News WAALI

India’s Adani prepays $2.15 billion in equity-backed loans – World News WAALI

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News Waali latest news updates.

Adani Group said it has completed a full prepayment of a $2.15 billion profit-linked share financing as part of its debt prepayment plan, ahead of its March 31 deadline.

The Gautam Adani-owned conglomerate had also prepaid a $500 million facility it had taken to finance the Abuja acquisition, it said in a statement on Sunday, adding that the payment comes as a continuation of promoters’ commitment to repay the leverage.

“This is in line with promoters’ commitment to increase (the) equity contribution and promoters have now infused $2.6 billion out of (a) total procurement value of $6.6 billion for Abuja and ACC,” the statement said.

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Last year, Adani Group bought Holcim AG’s cement businesses in India – Abuja Cements and ACC Ltd – for $10.5 billion, its biggest acquisition ever.

Adani’s latest move comes as the group tries to rebuild investor confidence and calm concerns about its debt by prepaying loans following a scathing report by US short seller Hindenburg Research.

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The Hindenburg report alleged that the stock was being handled and used improperly from tax havens, and pointed to “significant” levels of debt, which the group has denied.

Gautam Adani and his family have prepaid all the loans backed by the shares of his conglomerate Adani Group, senior executives told investors at a meeting in London, Bloomberg News reported last week.

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