Adani on track to gain lost trust
Adani Group has paid margin linked share backed financing (money taken in lieu of stock) worth $2.15 billion. The group had taken till March 31, 2023 to pay it, but the payment was made ahead of schedule. The group has taken several steps in the recent past to win back the confidence of investors.
Adani Group said that it has also repaid the $500 million finance it had taken for the Ambuja Cement acquisition. Adani Group had bought Holcim Group’s entire stake in Ambuja Cement and ACC in September last year. The deal was done by Adani Group for $10.5 billion. Holcim sold its 63.19% stake in Ambuja Cement and 54.53% in ACC.
The group is now steadily reducing debt to regain investor confidence. In fact, since the report of American short seller Hindenburg Research came out on January 24, shares of Adani Group have declined significantly. Hindenburg accused Adani Group companies of stock manipulation and accounting fraud.
Adani Group has prepaid a share-backed loan of Rs 7374 crore. The group had informed about this on Tuesday. The Adani Group is trying to win back investor confidence by allaying concerns over its credit profile.
