Adani paid Rs 7,400 crore ahead of time, know what the next plan is! Adani has prepaid around Rs 7,400 crore ahead of time, know what the plan is

Adani Group News: Controversy-wracked Adani Group on Tuesday said it has repaid Rs 7,374 crore in loans taken against share pledges and will repay other such loans by the end of March. Adani Group said in a statement that equity-backed loans worth Rs 7,374 crore have been repaid ahead of schedule, when they were due to expire in April 2025. The group said that as per the promoters’ commitment to reduce the loans taken against the shares of the listed company, these have been repaid ahead of schedule.

Shares will return

The promoters’ 4 per cent stake in the group’s flagship company Adani Enterprises was mortgaged and their 11.8 per cent stake in Adani Ports and SEZ was mortgaged to banks. Apart from this, 3.6 crore shares of Adani Transmission Ltd were also pledged, which is 4.5 per cent stake of the promoters. Similarly, 1.1 crore shares of Adani Green Energy i.e. 1.2 per cent promoters’ stake were also pledged to lenders.

What is Adani’s plan?

The promoters’ shares of these four group companies will revert to them after repayment of the loans taken against these shares. Earlier in early February, the Adani group had also repaid some loans. Adani Group has so far repaid equity-backed loans worth $2.016 billion, according to the statement. Along with this, the group said it is committed to the promoters’ commitment to repay all share-backed loans by March 31, 2023.

Shares fall after Hindenburg Research

In a report by American firm Hindenburg Research on January 24, Adani Grove was accused of financial fraud and manipulation in inflating its share price. The group denied the allegations as baseless, but the companies’ share prices continued to fall. The situation is such that within a month of the release of the report, the market cap of Adani Group’s listed companies has fallen by more than 60 percent. Incidentally, since last week this price fall has come under control and the share price is again buoyant.

Many questions have been raised about the loan

Adani Group’s financial health has been questioned many times due to the huge debt burden on the group. The group’s total debt has doubled in the last four years. Last September, Creditsights, a unit of Fitch Group, said that the Adani Group had resorted to borrowing for its expansion and was now in debt beyond the limit. Adani Group’s total debt rose to Rs 2.21 lakh crore. The group will also have to repay $2 billion worth of foreign currency bonds next year.

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