Photo: Bloomberg
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Adani Prepays Loans Worth $1.11 Bn, Releases Pledged Shares In 3 Firms
Move follows Hindenburg Research accusing Adani Group of improper use of offshore tax havens and stock manipulation
Topics
Adani Group | Gautam Adani | pledged shares
Promoters of the Adani Group have prepaid loans against shares of three key companies and released pledged shares.
The group said in a statement promoters have posted the amounts to prepay $1.11 billion ahead of their maturity of September 2024, following recent market volatility and marking commitment to reduce overall promoter leverage backed by listed company shares. The three firms are Adani Green Energy, Adani Ports and Adani Transmission.
With the repayment of such amount, shares of three listed companies would be released in due course. The companies include Adani Ports & Special Economic Zone's 168.27 million shares, representing 12 per cent of the promoters’ holding.
About 3 per cent of promoter holding in Adani Green Energy will be released and Adani Transmission's 1.4 per cent of promoters’ holding will also released.
"This is in continuation of promoters’ assurance to prepay all share backed financing," it said.
The follows after US short-seller Hindenburg Research accused the Adani Group of improper use of offshore tax havens and stock manipulation. The conglomerate denies all allegations.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Mon, February 06 2023. 14:47 IST
RECENT NEWS
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more