Gautam Adani, Adani group’s founder and Chairman, is looking to pre-pay a large part of loans against shares (LAS) portfolio of Rs 7,000-8,000 crore taken at the shareholder level, a media report said quoting sources. The loans are backed by share pledges, the report suggested, adding that the aim is to soothe investor nerves.
A formal decision on this is expected on Monday itself, the ET reported. The plan is to start reducing the LAS exposure immediately and bring it down to zero in the next 30-45 days, the report added.
The ET had earlier suggested that the Adani group was looking to buy back shares worth Rs 3,000 crore in two of group companies namely Adani Ports & SEZ and Ambuja Cements. Stock exchanges had sought clarifications from the two group companies to which, Ambuja Cements clarified that there was no such plan and that it was in no position to comment on the veracity of the said media report.
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The fresh ET report suggested that the promoter family might have unwound some of the existing shareholder positions, availed of strategic finance facilities and liquidated investments to organise the funds. Some of these facilities taken from global banks like JP Morgan and Credit Suisse; and domestic NBFCs like JM Financial, were due in May while some were rolled over to September, ET reported.
In some cases, the group might even offer additional share securities , if required to pacify investor concerns, ET quoted one of the officials in the know.
Earlier today, Business Today reported that Adani Enterprises and its subsidiary companies have taken out unsecured loans totalling Rs 11,574 crore, which are now at the risk of being recalled by banks and financial institutions.
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Though there is no material change in the company’s financial performance, the recent allegations made by short-seller Hindenburg Research against the Adani Group have already led to a significant change in the market’s perception of the Adani Group companies, Business Today reported.
