Adani Group promoters will pre-pay $1,114 million for release of pledged shares, ahead of maturity in September 2024, the company said in a statement.
Adani Group shares have been facing intense selling pressure since January 25 after US-based short seller Hindenburg Research accused the Adani Group of manipulating stock prices
Adani Group promoters will pre-pay $1,114 million for release of pledged shares, ahead of maturity in September 2024, the company said in a statement.
These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission, a statement said.
"This is in continuation of promoters' assurance to pre-pay all share-backed financing," it said.
This statement assumes significance in view of the allegations of fraud and stock manipulation by a short-seller against the Adani Group, which led to a steep fall in the share prices of group firms.
"In light of the recent market volatility and in continuation of promoters commitment to reduce the overall promoter leverage backed by Adani listed companies shares, we are pleased to inform that promoters have posted the amounts to pre-pay $1,114 million ahead of its maturity of September 2024", the statement said.
On pre-payment, 168.27 million shares of Adani Ports & Special Economic Zones representing 12 per cent of the promoter's holding will be released.
In the case of Adani Green, 27.56 million shares representing 3 per cent of the promoter's holding will be released.
Adani Group shares have been facing intense selling pressure since January 25 after US-based short seller Hindenburg Research accused the Adani Group of manipulating stock prices and leveled allegations of fraud.
Following Hindenburg's report large financial institutions like Citigroup, Credit Suisse, and others distanced themselves from providing margin loans against Adani Group securities.