Adani Group to prepay $500 million loan due next month: Report
The Adani Group is looking to prepay a $500 million loan due next month to a consortium of banks as the Gautam Adani-led conglomerate looks to bolster its finances following a short seller attack, Bloomberg reported.
According to the report, Barclays Plc, Standard Chartered Plc and Deutsche Bank AG are some of the financers among the lenders who gave Adani $4.5 billion to buy Holcim Ltd. cement assets last year.
A part of that loan is due to be repaid on March 9.
An Adani spokesperson said the group had been discussing with the lenders to refinance that part of the loan but has decided to prepay it, adding that the talks with the banks have not stalled, the report said.
After a report by US short-seller Hindenburg Research accused the Adani Group of Gautam Adani-led ports-to-power conglomerate of accounting fraud and stock manipulation, the stocks of the listed lost around $120 billion.
However, share prices of Adani Enterprises jumped as much as 25 percent on Tuesday after the firm announced to prepay more than $1 billion in loans.
The conglomerate has called the report “bogus,” and threatened legal action. Adani gave a video speech last week stating that the group’s balance sheet is healthy.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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