Adani stocks have been on a winning spree as it rallied up to 5 per cent today. It came in after the Adani announced full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan before its deadline of March 31.
Adani power, Adani Green Energy, Adani Total Gas and Adani Transmission continued to surge to hit the upper circuit level of 5 per cent today.
Adani Enterprises, the Adani’s flagship entity, was trading 3.4 percent higher at Rs 1,961.
Other than the prepayment of $2.15 loan, the promoters have also prepaid a $500 million facility taken for Ambuja acquisition financing.
Advertisement
"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," Adani Group said in a statement last night.
The Group said, “The entire prepayment program of $2.65 billion has been completed within 6 weeks, which testifies to the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudence adopted at all portfolio companies”.
Adani Group stocks has been under tremendous scrutiny since the release of a scathing report of Hindenburg report, since last week the stocks of the group have been on a winning spree with positive headlines dominating the conversations. The combined market capitalisation of all 10 Adani stocks has reduced to half since the Hindenburg report. Last week, the Adani promoters sold stakes worth Rs 15,446 crore in 4 companies to GQG Partners.
Just one email a week