Adani Promoters Prepay $1.1 Billion To Release Pledged Shares

Promoters across Adani Group companies have prepaid $1.1 billion, or about Rs 9,000 crore, in borrowings ahead of its maturity in September 2024.

The prepayment has been made in light of "recent market volatility and in continuation of the promoters’ commitment to reduce the overall promoter leverage backed by Adani listed company shares," the conglomerate said in a company statement.

About 16.8 crore shares in Adani Ports & Special Economic Zone Ltd. (12% of promoters' shareholding), 2.75 crore shares in Adani Green Energy Ltd. (3%), and 1.17 crore shares in Adani Transmission (1.4%) will be released as part of this prepayment.

"This is in continuation of the promoters’ assurance to prepay all share-backed financing," it added.