In the context of a report that questioned whether the empire had actually repaid loans worth $2.15 billion, the stock exchange has sought clarification from Adani Enterprises Ltd, the flagship unit of Adani Group.
Adani Ports shares fell 9.2%, while Adani Enterprises shares fell nearly 8% to a four-week low.
All businesses, including Adani Green Energy, Adani Power, and Adani Wilmar, saw daily declines in share prices of more than 5%.
Ambuja Cement lost 4.2%, and ACC lost 4.8% to its lowest level since February 2021.
“Regulatory filings reveal that banks have not released a significant portion of promoters’ shares held as collateral, indicating that the loan has not been fully repaid,” despite Adani Group’s claim of “full” repayment of $2.15 billion in share-backed loans. Ken mentioned the report.
The report asserted that the gathering diminished the credit sum just through halfway reimbursement to promise more offers and keep away from additional activity against it by the banks. It additionally expressed that after the gathering’s prepayment declaration, the banks have just delivered the vowed portions of Adani Ports.
In addition, it stated that the bank did not release the pledged shares of Adani Transmission and Adani Green Energy even a month after the loan was announced. This is very unusual because pledged shares are typically released as soon as the borrower repays his loan, according to the report.
The founder of Target Investing, Sameer Kalra, stated, “The Cain report is something that magnifies the risks.”
The port-to-power group wants to renegotiate the terms of the $4 billion loan it took out last year to buy ACC and Ambuja Cements, according to a new report from Economic Times.
According to the report, 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 more.
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.
The first arrangement was to renegotiate a significant piece of the obligation through long haul securities, yet this is finding it troublesome given the ongoing economic situations, the report said.