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Wait for stock exchanges to update data at quarter-end: Adani CFO

Stock,

Adani Group CFO Jugeshinder Robbie Singh stated on Tuesday that stock exchanges update data on promoter share pledging at the end of the quarter. He was responding to a question about the most recent data regarding the company’s USD 2.15 billion share-backed debt when he made the statement. does not correspond to the repayment statement.,

Singh referred to the reports that did not match the information that was available on the stock exchanges for the company’s announcements on March 7 and March 12 as “deliberate misrepresentation.”

 

In a Twitter post, he said, “…it is realized that the pertinent trades will refresh toward the finish of the quarter.” ” When the data exchanges are updated following the quarter’s conclusion, everyone will be aware of the deliberate hoax.” The group announced on March 12 that it had paid back a USD 2.15 billion loan it received by pledging promoter shares.

“In continuation of the advertisers’ obligation to reimburse advertisers’ influence, Adani has finished the full prepayment of the edge connected value supported funding of USD 2.15 billion, in front of the serious cutoff time of Walk 31, 2023,” it said. Said.

 

However, reports suggested that promoter shares in group companies Adani Ports and SEZ, Adani Transmission, Adani Green Energy, and Adani Enterprises showed continued pledges of shares to lenders in regulatory filings with stock exchanges.

“A deliberate misrepresentation (and if I guess outright a lie),” Singh stated.

 

The exchange will update the data after the end of the current quarter on March 31.

He stated that “easily verified that all margin loans of the promoters have been paid in full” through the group’s “public disclosure on payments.”

 

On March 7, the group announced that it had repaid pre-paid loans of Rs 7,374 crore (approximately $902 million) secured by the pledge of shares in four of its businesses. It stated on March 12 that the total amount repaid for the loan is currently 2.15 billion USD.

According to the statement, “in addition, the promoters have also repaid the USD 500 million facility availed for financing the Ambuja acquisition.”

 

On March 2, founder and chairman Gautam Adani put 1.87 billion USD into Adani Enterprises Ltd. (AEL), a flagship incubating company; Adani Ports and Special Economic Zone Ltd. (APSEZ); Adani Transmission Ltd. (AEL); and Sell the shares, a renewable energy company. Hindenburg Research, a short-seller based in the United States, released a damning report on January 24 in an effort to switch Adani Green Energy Ltd. (AGEL) narrative building to GQG Partners.

After the report, the market value of the 10 listed companies that make up the Adani group dropped by nearly $135 billion, but the stocks made up some of the ground.

 

However, after reports of debt repayment did not match the number of pledged shares, the group’s shares fell on Tuesday.

CreditSights, a division of the Fitch Group, stated in September of last year that the company was “over depth” as it expanded its port and coal mining portfolio to include airports, data centers, cement, and green energy. The empire was expanded through debt.

 

In a January 24 report, US short-vender Hindenburg Exploration hailed “significant” obligation levels at the gathering, while at the same time claiming bookkeeping extortion and the utilization of seaward shell organizations to set up stock costs.

The gathering has prevented all from getting Hindenburg’s charges, referring to them as “vindictive”, “outlandish” and a “arranged assault on India”.

 

Adani Group is opting for sluggish, mostly fueled by debt, growth rather than the frantic, mostly fueled by debt expansion of recent years in an effort to change the narrative.

Adani Group’s gross debt has doubled in the past four years, and it has already canceled a Rs 7,000 million coal plant purchase, decided not to bid for a stake in the state-backed energy trading firm PTC, cut costs, paid back some debt, and promised more. In accordance with its regulatory filing, approximately USD 2 billion in foreign currency bonds will need to be repaid in 2024.

According to a presentation that was given to investors last month, the total gross debt of the company is expected to rise from Rs 1.11 lakh crore in 2019 to Rs 2.21 lakh crore in 2023.

The net debt in 2023 was Rs 1.89 lakh crore after combining the cash.

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