Adani repays loans against pledges in face-saving move

The group has made early payments on debt set to mature late next year in an attempt to reduce the number of shares pledged by the promoters.

The Adani group has repaid over Rs 9,400 crore, or $1.11 billion, worth of loans that were borrowed against shares of the conglomerate’s listed entities. The loans were repaid ahead of their maturity of September 2024, according to a company statement. 

Nearly two weeks have passed since US-based short seller Hindenburg Research released its report against the Adani group. The group’s stocks have since tanked in the local markets, losing more than 47% of their value from $226.7 billion to $120.6 billion. Dollar bonds issued by the group continue to trade at a discount on international exchanges. 

Promoters of corporations …

Author

Advait Palepu

Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.

Writer

advait@mailtmc.com

Mumbai