Hot Pursuit     08-Mar-23
Adani Group shares in demand after prepaying share-backed debt
Shares of seven Adani Group shares rose by 0.89% to 5% after the Adani Group said its promoters have prepaid share backed financing of Rs 7,374 crore ahead of its latest maturity in April 2025.
Adani Wilmar (up 4.72%), Adani Enterprises (up 3.02%) and Adani Ports and Special Economic Zone (up 0.89%) jumped.

Adani Total Gas, Adani Green Energy, Adani Transmission and Adani Power were up 5% each.

The Nifty 50 index was down 11.95 points, or 0.07% at 17,699.50.

A total of 23.3 crore shares will be released as part of the latest prepayment, the conglomerate said on Tuesday (7 March 2023). The prepayment will be against financing from various international banks and Indian financial institutions.

With this repayment, the lenders will release 15.5 crore shares (11.8% of the promoters' holding) of Adani Ports & Special Economic Zone; 3.1 crore shares (4% of promoters' holding) of Adani Enterprises; 3.6 crore shares (4.5% of promoters' holding) of Adani Transmission; and 1.1 crore shares (1.2% of promoters' holding) of Adani Green Energy.

Along with the repayments done earlier in the month of February, Adani has prepaid $2,016 million of share backed financing, which is consistent with promoters' commitment to prepay all share backed financing before 31 March 2023.

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