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Most of the Adani stocks climbed in morning trade today.
New Delhi:
Most of the Adani stocks climbed in morning trade today after the group said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme.
The stock of Ambuja Cements rallied 4 per cent, Adani Enterprises jumped 3 per cent, ACC climbed 2.48 per cent, Adani Power gained 1.17 per cent, Adani Ports advanced 0.87 per cent and Adani Green Energy climbed 0.67 per cent on the BSE.
However, some group firms were trading in the negative territory. Shares of Adani Transmission, Adani Total Gas, Adani Wilmar and NDTV were quoting lower even after beginning the trade on a firm note.
In the equity market, the BSE benchmark was trading 127.20 points or 0.20 per cent lower at 62,660.27.
The Adani Group on Monday said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.
In a Credit Note released on Monday, Adani Group said it has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate’s listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.
“The prepayment was done along with interest payment of USD 203 million,” it added.
Further, the credit update states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).
“The deleveraging programme testifies to the strong liquidity management and capital access at sponsor level even in volatile market conditions, supplementing the solid capital prudence adopted at all portfolio companies,” Adani Group said in the credit update.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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