Adani to prepay $1.11 billion loans on shares, denies report on capex cut

(Reuters) -India’s Adani Group on Monday said shares related to some group companies will be released following the pre-payment of $1.11 billion of loans ahead of their maturity in 2024 while denying media reports that said the conglomerate was planning to cut back its capital spending.

With the pre-payment of loans against shares, promoter holdings of 12% in Adani Ports and Special Economic Zone Ltd, 3% in Adani Green Energy Ltd and 1.4% in Adani Transmission Ltd will be released, the embattled group said in a statement.

The loan pre-payment is “in light of recent market volatility and in continuation of the promoters’ commitment to reduce the overall promoter leverage,” the group said.