Wednesday, March 22, 2023

Adani Group: Adani Group prepays $2.2 billion for equity-backed loans – Usky News

MUMBAI: The Gautam Adani family has fully prepaid “margin-linked” equity-backed loans worth $2.2 billion (Rs 20,494 crore) much ahead of their maturity date, the group said in a statement on Sunday.
Last week, they closed $133 million (Rs 1,885 crore) of equity-backed financing. With this, the family has repaid the entire share-backed loan at the sponsor level, the group said.
Earlier, he had repaid $2.02 billion (Rs 16,577 crore) of equity-backed debt in two tranches. In addition to the above, the family also repaid a $500 million (Rs 4,098 crore) bridge loan last week. Ambuja Cements acquisition financing. The repayment comes after the family raised $1.9 billion (Rs 15,446 crore) from US-based asset manager GQG Partners listed in Australia. The move is aimed at restoring confidence in the group’s financial health report after Hindenburg Research published a scathing report on its business practices.
The family had acquired Ambuja Cements and its arm ACC in September 2022 for $6.5 billion (Rs 53,278 crore). About 69% ($4.5 billion) of the total consideration was financed through foreign borrowings. At that time, the promoters had also announced to infuse $2.44 billion (Rs 20,000 crore) in Ambuja Cements in the form of warrants over and above the purchase cost of $6.5 billion.
Adani Group clarified that some of the recent share pledges are related to a specific loan availed by ” Adani Enterprises not by family. they are less than 4% Adani Transmission, Adani Green EnergyAdani Enterprises and Adani Ports And there is no margin call clause.”
Last week, the SBICAP trustee said Adani Group had pledged 0.76% of Adani Transmission and 0.99% of Adani Green Energy. Earlier, in February too, it had said that the group had pledged 0.11% of Adani Transmission, 0.38% of Adani Green Energy and 0.35% of Adani Ports.


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