Adani Ports promoters will issue 155 million shares or 11.8% stake, the group said. (File)
Bangalore:
Indian conglomerate Adani said today that the promoters have pre-paid equity-backed financing of 73.74 billion rupees ($901.16 million) as part of the Group’s commitment to reduce the Group’s overall leverage backed by shares of listed companies.
Adani Group, led by billionaire Gautam Adani, has sought to play down concerns about its credit profile after a US short seller spotted high debt and accused it of misuse of offshore tax havens and stock manipulation, which Adani has denied.
The promoters of the group’s flagship firm Adani Enterprises will issue 31 million shares or 4% stake, while the promoters of Adani Ports will issue 155 million shares or 11.8% stake, the group said in a statement.
The promoters of Adani Green Energy and Adani Transmission will release 1.2% and 4.5% stake in the respective companies.
In a similar move, the group made an upfront payment of $1.11 billion in February. With Tuesday’s redemption, the group will have repaid about $2.02 billion in equity financing so far, he said.
(Except for the headline, this story was not edited by NDTV staff and was published on a syndicated channel.)
(Disclaimer: New Delhi Television is AMG Media Networks Limited, a subsidiary of Adani Group.)
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