Adani group companies developer to prepay $1.11 billion in loans ahead of maturity and release pledged shares in three companies amid a collapse in group shares following a report by US short-seller Hindenburg Research alleging fraud and manipulation against the promoter.
The promoters of Adani Group are repaying the loan before the due date. The repayment date of this loan was September 2024.
But the Adani group has decided that they will pay for it in advance. According to the company, the pledged shares of Adani Ports, Adani Transmission and Adani Green Energy will now be released.
According to this, 168 million pledged shares of Adani Ports, 27 million of Adani Green Energy and about 11 million of Adani Transmission will be redeemed.
This loan has a value of 1,110 million dollars, that is, around nine billion rupees. This decision by the Adani Group has been taken at a time when there is a credibility crisis in the company.
Gautam Adani is believed to have made this decision to maintain his confidence among investors and the market so that the message is conveyed that the company is not short of financial resources.
The Adani Group has been facing economic challenges since the Hindenburg Research report came out on January 24, 2023. Not only this, but the European finance company Credit Suisse also reduced the value of Adani’s bonds to zero and refused to make loans to their clients against this captivity.
Prior to the arrival of the report, Gautam Adani was once the third richest businessman in the world.
But after the report came in, Gautam Adani was off the list of the world’s 20 richest people. As a result, Mukesh Ambani has once again become the richest man in Asia by descending from Gautam Adani.
Hindenburg is an American financial research firm. In its report, this company made serious allegations of corruption against the Adani Group. Along with this, Hindenburg also asked 88 questions to the Adani group.
Please understand the effect of this report either way at the beginning of last week the total value of the Adani group companies was $220 billion, but it has nearly halved since the Hindenburg report came out.
Adani Group had denied these allegations by Hindenburg Research. The opposition is also harassing the central government regarding the allegations against Adani and is demanding an investigation.
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