Adani Group is in talks with banks to secure approximately $750 million (Rs 6,200 crore) to fulfill payment obligations for the conversion of warrants allocated by Ambuja Cements, Financial Express reports. The deadline for the payments is April 18.
Ambuja Cements had assigned 477.4 million convertible warrants to Harmonia Trade and Investment, a unit of the Adani family, back in October 2022. While an initial payment of Rs 5,000 crore was made by the Adani family, the remaining Rs 15,000 crore was scheduled to be paid within the subsequent 18 months. As of March this year, the family has disbursed Rs 6,661 crore towards this commitment, said the newspaper.
