Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Adani Repays $500 Million Bridge Loan To Regain Investors' Faith
Global banks had lent Adani $4.5 billion to finance the purchase of Holcim Ltd. cement assets last year, and a portion of this was due March 9
Topics
Adani Group | loans
The Adani Group has repaid a $500 million bridge loan due Thursday, according to people with knowledge of the matter, adding to a slew of other payments as the Indian conglomerate works to restore confidence in its financial health after a scathing short seller report.
The money was released to lenders on Tuesday, the people said, asking not to be identified as the details are private. Some banks had balked at refinancing the debt following a report from Hindenburg Research late-January that sent Adani assets tumbling, Bloomberg News reported in February.
The empire led by billionaire Gautam Adani has since pre-paid about $2 billion of share-backed loans, made bond repayments on time and won another $1.9 billion investment from star investor Rajiv Jain of GQG Partners. That’s helped pare losses in the group’s market value to around $124 billion from as much as $153 billion.
Global banks had lent Adani $4.5 billion to finance the purchase of Holcim Ltd. cement assets last year, and a portion of this was due March 9. The next tranche of the loan comes due in 2024, one of the people said.
An email to the Adani Group wasn’t immediately answered on a public holiday in Ahmedabad.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Wed, March 08 2023. 18:25 IST
RECENT NEWS
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more