Adani Group stocks surged on Monday after the Gautam Adani-led group said it has repaid loans aggregating $2.65 billion to complete a prepayment programme ahead of the March 31 deadline to cut overall leverage in an attempt to win back investor trust. Adani Enterprises shares rose nearly 4% and Ambuja Cements shares jumped 2%. The shares of Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas were locked in the upper circuit. Adani group said it has repaid $2.15 billion of loans that were taken by pledging shares in the conglomerate’s listed firms and also another $500 million in loans taken for the acquisition of Ambuja Cement. The statement comes after the group a few days ago said that it has pre-paid Rs 7,374 crore loans that were taken pledging shares in four group companies. This has now been scaled up to $2.15 billion.
Recently, the group’s promoters sold minority stakes in four listed companies to US-based GQG Partners for Rs 15,446 crore.”In continuation of the promoters’ commitment to repay the promoter leverage, Adani has completed full prepayment of margin-linked share-backed financing aggregating to USD 2.15 billion, well before the committed timeline of March 31, 2023. In addition to the above, promoters have also prepaid a USD 500 million facility taken for Ambuja acquisition financing” Adani Group said.
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Since the US-based short-seller, Hindenburg Research accused the Adani family of stock manipulation and fraud through offshore shell entities, the group has been trying hard to regain investors’ trust. The first step that the group took was cancelling the fully subscribed follow-on public offer (FPO) of Adani Enterprises and returning money to the investors. The group’s stocks fell up to 80% in just a few days after the report got published, with Adani group losing over Rs 10 lakh crore in market capitalisation.
