PTI
Adani Group on Monday said the promoters will pay USD 1,114 million in advance for the issue of pledge shares of its companies ahead of maturity in September 2024.
These stakes belong to Adani Ports and Special Economic Zones, Adani Green Energy and Adani Transmission, a statement said.
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“This is in continuation of the promoters’ guarantee of prepayment of all equity-backed financing,” Adani said.
The report assumes significance in view of Hindenburg’s allegations of fraud and stock manipulation against the Adani Group, with the Hindenburg accusations leading to a steep fall in the group companies’ share prices.
“In light of the recent market volatility and the continued commitment of the promoters to reduce overall promoter leverage supported by shares of Adani listed companies, we are pleased to announce that the promoters have posted an advance payment of USD 1,114 million ahead of the September 2024 maturity,” the statement said.
At the time of prepayment, 168.27 million equity shares of Adani Ports and Special Economic Zones, i.e. 12 per cent stake of the promoters, will be issued.
In the case of Adani Green Energy Company, 27.56 million shares representing 3 per cent of the promoter will be issued.
Also, 11.77 million shares representing 1.4 percent of Adani Transmission will be released.
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