Reuters | | Posted by Lingamgunta Nirmitha Rao
Embattled Indian conglomerate Adani said on Tuesday it prepaid share-backed financing of 73.74 billion rupees ($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 U.S.-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied.
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Promoters of the group’s flagship firm, Adani Enterprises will release 31 million shares, or a 4% stake, while Adani Ports’ promoters will release 155 million shares, or an 11.8% stake, the group said in a statement.
Promoters of Adani Green Energy and Adani Transmission will release 1.2% and 4.5% stakes in the respective companies.
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In a similar move, the group in February pre-paid $1.11 billion. With Tuesday’s repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said.
($1 = 81.8280 Indian rupees)