Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Adani Group Prepays Entire Financing For Ambuja Cements Acquisition
The promoters have also prepaid a $500-million facility taken for Ambuja acquisition financing
Topics
Adani Group | Ambuja Cement | acquisition
As part of their debt pre-payment plan, the Adani family has fully paid margin-linked share-backed financing of $2.15 billion before the March-end deadline.
Besides, the promoters have also prepaid a $500-million facility taken for Ambuja acquisition financing.
This is in line with promoters’ commitment to increase equity contribution and they have now infused $2.6 billion out of the total acquisition value of $6.6 billion for Ambuja and ACC, the company said in a statement on Sunday.
“The entire pre-payment program 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 added. The Adani family had acquired Ambuja Cements and its subsidiary ACC for $6.6 billion.
The promoters later agreed to invest an additional Rs 20,000 crore to expand the capacity of both companies from 70 mtpa to 140 mtpa.
The group's shares faced severe volatility after a report by US-based short seller Hindenburg. The group has denied all the allegations and prepaid promoters loans to release pledged shares across group companies.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Sun, March 12 2023. 21:41 IST
RECENT NEWS
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more