Adani stocks jump after group repays loans worth $2

Adani stocks jump after group repays loans worth $2.65 bln; Ambuja Cements shares rise 2%

Adani Group stocks surged on Monday after the Gautam Adani-led group said it has repaid loans aggregating $2.65 billion to complete a prepayment programme ahead of the March 31 deadline to cut overall leverage in an attempt to win back investor trust. Adani Enterprises shares rose nearly 4% and Ambuja Cements shares jumped 2%. The shares of Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas were locked in the upper circuit. Adani group said it has repaid $2.15 billion of loans that were taken by pledging shares in the conglomerate’s listed firms and also another $500 million in loans taken for the acquisition of Ambuja Cement. The statement comes after the group a few days ago said that it has pre-paid Rs 7,374 crore loans that were taken pledging shares in four group companies. This has now been scaled up to $2.15 billion.

Recently, the group’s promoters sold minority stakes in four listed companies to US-based GQG Partners for Rs 15,446 crore.”In continuation of the promoters’ commitment to repay the promoter leverage, Adani has completed full prepayment of margin-linked share-backed financing aggregating to USD 2.15 billion, well before the committed timeline of March 31, 2023. In addition to the above, promoters have also prepaid a USD 500 million facility taken for Ambuja acquisition financing” Adani Group said.