Chairman and founder of Adani Group, Gautam Adani, and his family have prepaid all debts backed by the company’s shares, senior executives of the group told investors at a meeting in London on Wednesday, citing people who attended the meeting news agency Reuters reported.
The report comes after last week Adani group announced that it has prepaid share-backed financing of Rs 7,374 crore ($902 million) ahead of its latest maturity in April 2025. The company had said that the move is part of its promoters' commitment to cut overall leverage backed by shares of the Group's listed companies.
According to the report, the meeting in London is part of a worldwide roadshow aimed at reassuring international investors that the firm's finances are under control.
The international roadshow began in Singapore and Hong Kong before moving to Dubai and London and will continue in the US. The US meetings will be held over four days, including in New York and Los Angeles, the report added.
According to Adani group 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 the promoters’ commitment to prepay all share-backed financing before March 32 2023.
Since a scathing report by US-based short seller Hindenberg Research came out in January as much as $153 billion in combined market value was erased from company stocks, the report added.
Hindenberg's report had also noted high debt and alleged improper use of offshore tax havens and stock manipulation. Adani group has denied all allegations, calling them "malicious", "baseless" and a "calculated attack on India".
According to a PTI report, Adani Group has almost $2 billion worth of foreign-currency bonds coming up for repayment in 2024.
The conglomerate borrowed over $10 billion in foreign currency bonds between July 2015 and 2022 across group companies. Of this, $1.15 billion of bonds matured in 2020 and 2022.