The Adani promoters notified that they have fully repaid share backed debt worth $2.15 billion (or Rs 17,623 crore as of 12th March) ahead of month end deadline.
Additionally, the promoters also chose to prepay $500 million (approx. Rs 4098 crore), which would push up its equity stake in the cement company to $2.6 billion (Rs 21,721 crore).
“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 official statement read.
The full prepayment process worth $2.65 billion has been completed within 6 weeks. Earlier in March, the promoters also prepaid Rs 7,374 crore of share backed debt. With the earlier repayments in February, the Adani Group had prepaid $2.02 billion of share-backed financing as of 7th March.
The move comes in line with the Promoter commitment to prepay all share-backed before the March 31 deadline.
“(This) testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies,” the statement added.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
