Adani Group repays Rs 7,374-crore loan
Adani Group on Tuesday said it has repaid share-based financing of Rs 7,374 crore (over $900 million) and will prepay all such remaining loans by the end of the month, as it looks to allay concerns over leverage and debt to win over investors.
The repayment will release pledge on shares of promoters in four group companies, it said, adding that together with repayments done earlier, the group has prepaid $2.016 billion of share-backed financing.
In a January 24 report, US short-seller Hindenburg Research flagged “substantial” debt levels at the group while alleging accounting fraud and use of offshore shell companies to inflate stock prices. The group has denied all Hindenburg allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.
