Adani Group pre-pays over Rs 7,300 crore worth share-backed financing

Embattled conglomerate Adani said on Tuesday it prepaid share-backed financing of Rs 7,374 crore ($901.16 million), as part of its promoters’ commitment to cut overall leverage backed by shares of the Group’s listed companies.

The billionaire Gautam Adani-led Adani Group has been looking to ease concerns about its credit profile after a US-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied.

Lenders will release 31 million pledged shares of Adani Enterprises, worth a 4 per cent stake in the company, and 155 million shares, worth an 11.8 per cent stake, of Adani Ports, the group said in a statement on Tuesday.