The Adani Group has prepaid ₹7,374 crore ($902 million) worth of funds raised through the pledging of promoter shares ahead of the debt maturing in April 2025, a release by the group said on Tuesday.

The amount has been repaid to foreign banks and Indian financial institutions, the statement said. Compared with the exchange data, it shows that the group has released the bulk of the shares that promoters had pledged. Sources said that the debt has been repaid and pledges released with part of the ₹15,446 crore raised through stake sales in four Adani Group companies last week to GQG Partners. One of the main reasons for the promoter raising the money from the US-based equity investment fund was to prepay the funds raised through share pledges, the sources said.

The equation

With this, the pledge on 15.5 crore shares of Adani Ports and Special Economic Zone, or 11.8 per cent of the promoter holding; the 4 per cent promoter stake, or 3.1 crore pledged shares of Adani Enterprises; the 4.5 per cent promoter stake, or 3.6 crore shares of Adani Transmission; and the 1.2 per cent promoter stake, or 1.1 crore pledged shares of Adani Green Energy, has been released. 

The release said that so far, companies in the group have prepaid $2.02 billion worth of share-backed funds, which is in line with the group’s commitment to prepay all funds raised via promoter share pledges before March 31, 2023.

Exchange data as of March 6 showed that 3.79 per cent of the promoter stake in Adani Enterprises and 13.07 per cent of the promoter stake in Adani Ports were pledged. In Adani Green, 2.19 per cent and in Adani Transmission, 5.9 percent of the promoter stake was pledged.

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