Adani to prepay Rs 4,100 crore loan as banks balk to refinance
The Adani Group plans to prepay a Rs 4,100 crore ($500 million) bridge loan due next month after some banks balked at refinancing the debt following a short seller report that sent the group’s assets tumbling.
Barclays Plc, Standard Chartered Plc, and Deutsche Bank AG are among the banks that lent Adani $4.5 billion to finance the purchase of Holcim Ltd cement assets last year. A portion of that loan is due March 9.
The lenders were in talks to refinance the loan up to a week before the critical report from Hindenburg Research was published, according to people familiar with the matter.
