Adani Group repays $2.15-billion loan due before March 31, prepays Ambuja Cements debt

The announcement comes within days of the group saying it has pre-paid ₹7,374 crore loans that were taken pledging shares in four group companies

In continuation of its prepaying the finance, the Adani Group has completed full pre-payment of margin-linked share-backed financing aggregating to $2.15 billion before March 31. Additionally, the promoters have also prepaid the $500-million loan facility taken for financing the acquisition of Ambuja Cements Ltd.

In a statement, the Group said entire pre-payment programme of $2.65 billion has been completed within six weeks. “This is in line with promoters’ commitment to increase equity contribution, and promoters have now infused $2.6 billion, out of the total acquisition value of $6.6 billion for Ambuja and ACC,” it said.

“The entire prepayment programme of $2.65 billion has been completed within six weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies,” the statement said.

The Group began pre-payment after its stocks were battered on the bourses after the U.S. short-seller Hindenburg Research published a scathing report on the group’s business practices accusing it of stock manipulation and accounting fraud, allegations that the Group has denied. While the statement has not detailed the source of money for repayment, these came within days of the promoters selling minority stakes in four listed companies to U.S.-based GQG Partners for ₹15,446 crore.

PTI adds:

The announcement comes within days of the group saying it has pre-paid ₹7,374 crore (about $902 billion) loans that were taken pledging shares in four group companies. This has now been scaled up to $2.15 billion.

This, it said, was 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.