NEW DELHI: Adani Group on Sunday said that they have completed full prepayment of margin linked share backed financing aggregating to $ 2.15 billion, well before the committed timeline of 31 March 2023.
In addition to the above, promoters, the Adani Family led by billionaire Gautam Adani, also said that it has prepaid $500 million facility taken for Ambuja acquisition financing. “This is in line with promoters’ commitment to increase equity contribution and promoters have now infused USD 2.6 billion out of total acquisition value of USD 6.6 billion for Ambuja and ACC,” said Adani Group in a statement.
The entire prepayment program of $2.65 billion has been completed within 6 weeks, which “testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies,” added the group.
The development comes amidst reports that Adani is seeking to sell a 4-5% stake in Ambuja Cement for $450 million to reduce debt. Adani Group is yet to inform the source of the capital which is used to prepay the share-backed loans.
The Group, whose net debt stood at R1.96 lakh crore as of December-end 2022, had cash & cash equivalent of R31,646 crore. The Group recently raised investment from GQG Partners. Adani on March 7 said that it has prepaid the R7,374 crore share-backed financing made by various international and domestic financial institutions.