Adani Group To Pre-Pay $1,114 Million For Launch Of Pledged Shares

The allegations by a short-seller led to a steep fall within the share costs of Adani Group companies. (File)

New Delhi:

Adani Group on Monday stated that the promoters will pre-pay $1,114 million for the discharge of pledged shares of its companies forward of the maturity in September 2024. These shares belong to Adani Ports & Particular Financial Zones, Adani Inexperienced Power and Adani Transmission, an announcement stated.

“That is in continuation of promoters’ assurance to pre-pay all share-backed financing,” it stated.

This assertion assumes significance in view of the allegations of fraud and inventory manipulation by a short-seller towards the Adani Group, which led to a steep fall within the share costs of group companies.

“In gentle of the current market volatility and in continuation of promoters dedication to cut back the general promoter leverage backed by Adani listed firms shares, we’re happy to tell that promoters have posted the quantities to pre-pay USD 1,114 million forward of its maturity of September 2024”, the assertion stated.

On pre-payment, 168.27 million shares of Adani Ports & Particular Financial Zones representing 12 per cent of the promoter’s holding might be launched.

Within the case of Adani Inexperienced, 27.56 million shares representing 3 per cent of the promoter’s holding might be launched.

Additionally, 11.77 million shares of Adani Transmission representing 1.4 per cent of the promoter’s holding might be freed.

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