Adani group companies have decided to prepay US$1.114bn (billion) as part of its commitment to reduce the overall promoter leverage backed by Adani-listed company shares ahead of its maturity of September 2024.
In a statement, Adani group says, “In light of recent market volatility and in continuation of the promoter’s commitment to reduce overall promoter leverate backed by Adani listed company shares, we are pleased to inform that promoters have posted the amounts to prepay US$1,114mn (million) ahead of its maturity of September 2024.”
With the repayment, 168.27mn shares of Adani Ports & Special Economic Zone Ltd, 27.56mn shares of Adani Green Energy Ltd and 11.77mn shares of Adani Transmission Ltd would be released in due course, it added.
Promoter and promoter group hold 65.13% stake in Adani Ports & Special Economic Zone, out of which 243.58mn or 17.31% are pledged. Adani Green Energy has a promoter and promoter group stake of 60.75%, while shares pledged are 41.96mn or 4.36% of its total shares. Data from BSE shows, the promoter’s shareholding in Adani Transmission at 74.19%, out of which 54.82mn or 6.62% stake is pledged by the promoters.
Last week, Bloomberg reported that Adani group chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the financial health of his conglomerate. Citing a person with knowledge of the matter, the report says, Adani group has not faced margin calls on these pledges and is seeking the prepayment proactively.