Friday, July 12, 2024
Home News Adani shares tumble on report group seeking time to pay ACC, Ambuja...

Adani shares tumble on report group seeking time to pay ACC, Ambuja debt


Adani Shares,

BENGALURU (Reuters) – A report on Tuesday said that the Adani group would renegotiate the terms of the $4 billion loan it took out last year to buy the cement companies ACC and Ambuja Cements. This caused shares of the Adani group companies to fall. wants to speak with you.

Adani Ports fell 9.2%, while Adani Enterprises, the group’s flagship company, fell nearly 8% to a four-week low.

Ambuja Cement and ACC both fell 4.2 percent to their lowest levels since February 2021.

Economic Times, citing sources, reported on Tuesday that the group led by billionaire Gautam Adani has begun negotiations with lenders to extend the term of its $3 billion bridge loan from the current 18 months to five years or longer. Is.

According to reports, the group wants to convert a second $1 billion tranche of mezzanine loans, which have a maturity date of 24 months, into senior secured debt with a maximum five-year repayment plan.

According to the newspaper, a banker said that the original plan was to refinance a large portion of the debt using long-term bonds. However, given the current market conditions, this appears to be difficult.

When contacted by Reuters for comment, the Adani Group, Standard Chartered, Barclays, and Deutsche Bank lenders did not immediately respond.

In May of last year, the group purchased the two cement companies from Holcim AG for $10.5 billion.

Avinash Gorakshkar stated, “If they want more time to repay the loan, it means they don’t have high cash flows.” There will be a two-year delay in any expansion plans that Adani Ports, Adani Enterprises, or even Adani Total have announced. Profitmart Securities’ head of research

Short-seller Hindenburg made allegations against the group in January, destroying the market value of seven listed Adani group companies by more than $120 billion.

Adani Group shares have fallen between 22% and 80% since the Hindenburg report.


(Bharat Rajeshwaran’s Bengaluru report; Sohini Goswami edited)


Markets end FY23 in style; Sensex Nifty rally nearly 2% on firm global trends

Market, The final day of the fiscal year 2022-23 saw gains for benchmark indices, with a gain of nearly 2% on Friday, extending gains for...

Day trading guide for today: 6 stocks to buy or sell on Friday — 31st March

Trading, Day trading guide for today: Indian shares gained on Wednesday as global markets' increased risk appetite was aided by easing in the banking industry....

Financial, IT stocks aid Indian shares snap three-month losing streak

Financial, By Bharat Rajeshwaran BENGALURU (Reuters) - Indian shares rose on Friday, supported by a higher weighting of financial stocks and information technology (IT) stocks,...


Please enter your comment!
Please enter your name here


Most Popular

Trading the Inside Bar Pattern on Pocket Option Platform

Inside Bar Pattern Introduction Price movement on a chart is examined in price action trading. You may use candlesticks to predict where prices will move...

“Unlocking the Secrets: 4 Tricks of Successful Traders on Pocket Option Platform”

For a year, I have been trading on the Pocket Option platform. I sometimes succeed and sometimes fail. However, I was confident that if...

Identifying Mistakes That Lead to Losses on Pocket Option

Why do people lose their money when trading binary options New traders frequently take a significant financial risk while trading binary options. As a result,...

Weekly Income Plan on Pocket Option Platform”

Get weekly returns on Pocket Option It turned out that October was a terrific month for me. I am still able to generate money every...

Recent Comments