Adani stocks: 4 group shares hit upper circuit, Adani Enterprises surges. Details inside
1 min read . Updated: 13 Mar 2023, 10:14 AM IST
Premium- Adani Group said it completed full prepayment of margin-linked share-backed financing worth $2.15 billion
Shares of Adani Enterprises surged nearly 3% to ₹1,985 apiece on the BSE in Monday's opening deals after the Group said it has fully prepaid share backed financing worth $2,15 billion. Adani Power, Adani Green Energy, Adani Total Gas and Adani Transmission continued to surge to hit the upper circuit level of 5%
Adani Group said it had completed full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31. The Gautam Adani-owned conglomerate also prepaid a $500 million facility it had taken for Ambuja acquisition financing, it said in a statement on Sunday, adding that the payment comes in continuation of promoters' commitment to repay the leverage.
The promoters have also prepaid $500 million facility taken for Ambuja acquisition financing. "This is in line with promoters' commitment to increase equity contribution and promoters have now infused $2.6 billion out of total acquisition value of $6.6 billion for Ambuja and ACC," the release said.
Shares of Ambuja Cements were trading marginally higher whereas that of ACC slipped over a per cent in early deals. Adani Group last year acquired Ambuja Cements and ACC Ltd from Holcim for $10.5 billion.
Adani's latest move comes as the group seeks to rebuild investor confidence and allay concerns about its debt by pre-paying loans in the aftermath of a scathing report by US short-seller Hindenburg Research on January 24 that alleged the conglomerate of misdoings, which the group has denied.
Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported last week.
On the other hand, NSE and BSE on Friday said Adani Transmission and Adani Total Gas will be put under the second stage of the long term additional surveillance measures (ASM) framework, effective from March 13. The move comes after exchanges put Adani Enterprises, Adani Power and Adani Wilmar under the short-term ASM framework Stage - I from March 9.