Adani prepays Rs 7,374 crore of share-backed financing

Ahmedabad (Gujarat) [India], March 7 (ANI): Adani Group on Tuesday said the group prepaid share-backed financing of Rs 7,374 crore (USD 902 million) ahead of its latest maturity in April 2025, in continuation of its promoters’ commitment to cut the overall leverage backed by Adani-listed company shares.

With the repayment of the said Rs 7,374 crore to various international banks and Indian financial institutions, the promoters of the flagship company, Adani Ports, will release 155 million shares, representing 11.8 per cent of the promoters’ holding; Adani Enterprises’ promoters will release 31 million shares, representing 4 per cent of promoters’ holding; Adani Transmission’s promoters will release 36 million shares, representing 4.5 per cent of promoters’ holding while Adani Green Energy will release 11 million shares which comprised 1.2 per cent of promoters’ holding.

Along with the repayments done earlier in the month of February, the conglomerate said Adani has prepaid USD 2,016 million of share-backed financing, which is consistent with promoters’ commitment to prepay all share-backed financing before March 31, 2023, according to a statement from Adani Group.

The group had just carried out global investors’ roadshow to regain promoters’ confidence in the conglomerate.

On February 24, Sri Lanka’s Board of Investment approved the two wind power plants of Adani Green Energy to be built in Mannar and Pooneryn at a total investment of USD 442 million.

According to the statement released by the Board of Investment of Sri Lanka on Friday, it has issued a letter of approval to Adani Green Energy Limited, for the two wind power plants. Also, the new project will generate 1,500-2,000 new employment opportunities.

The wind power plant in Mannar will operate at a capacity of 250 megawatt (MW) while the wind power plant in Pooneryn will operate at a capacity of 100 MW.

On Friday and Monday, the shares of the group firms had recovered a lot on the stock exchanges -- BSE and NSE. (ANI)