Adani Repays $900 Million Debt, Group has announced the pre-payment of over $900 million of share-backed financing that was due in 2025.
This move is the latest attempt to restore investor confidence in the conglomerate after short-seller Hindenburg Research leveled allegations of fraud, stock price manipulation, and improper use of tax havens against the company in January. These allegations led to a massive sell-off in Adani Group shares, with the company losing as much as Rs 12 lakh crore in market capitalization.
The pre-payment of debt is the second such move by Adani Group this year, with the group having pre-paid $1.11 billion in February. With this latest repayment, the group has so far repaid around $2.02 billion of share-backed financing. The move will release a significant number of shares held by the promoters of Adani Ports, Adani Enterprises, Adani Transmission, and Adani Green Energy, with a total of 233 million shares set to be released.
To raise funds for the pre-payment, Adani Group conducted roadshows in Hong Kong and Dubai, with additional shows planned for the United States, London, and Singapore. These efforts demonstrate the company’s commitment to transparency and accountability, which are crucial in building trust with investors and ensuring long-term sustainability.
The pre-payment of debt and the release of shares by Adani Group’s promoters are significant steps in restoring investor confidence in the company.
While the short-term impact of the allegations by Hindenburg Research has been severe, the group’s efforts to address investor concerns and its commitment to transparency and accountability are likely to pay dividends in the long run.
Saudi Arabia new national airline Riyadh Air aims to rival Gulf.Saudi Arabia new airline Riyadh Air aims to rival Gulf (investonomic.co.in)
