Adani Enterprises shares rose nearly 3% to $1,985 per share on the BSE early Monday after the Group announced its fully prepaid share-backed financing worth $2,15 billion. Adani Power, Adani Green Energy, Adani Total Gas, and Adani Transmission all increased to reach the 5% upper circuit level.
Overview
Adani Group announced it had completed the full pre-payment of $2.15 billion with margin-linked to share-backed financing as part of its debt pre-payment plan by the March 31 deadline.
The conglomerate owned by Gautam Adani also prepaid a $500 million facility used for Ambuja acquiring financing, it said in a statement issued on Sunday, adding that the payment is part of the stockholders’ commitment to repay the leverage.
The promoters have also paid off a $500 million loan for Ambuja acquisition financing. “This is consistent with the promoters’ commitment to increase equity contribution, and promoters infused $2.6 billion out of the total acquisition value of $6.6 billion for Ambuja and ACC,” according to the release.
End Note
Ambuja Cements shares were marginally higher in opening trade, while ACC shares were down more than 1%. Adani Group paid $10.5 billion to acquire Ambuja Cements and ACC Ltd from Holcim last year.
At a meeting in London, senior executives’ investors mentioned that Gautam Adani and his family had prepaid all bank debt backed by his conglomerate Adani Group’s shares.
