New Delhi: Adani Group, which came in trouble due to a report by Hindenburg Research, has started reducing its debt rapidly. The first attempt of the group is to redeem its pledged shares. On Tuesday, the Adani Group redeemed shares of several of its companies by prepaying a loan of Rs 73.74 crore. According to a Reuters report, this will release shares of the group’s flagship company Adani Enterprises, Adani Ports, Adani Green Energy and Adani Transmission. Earlier in February too, the Adani Group had prepaid a loan of $1.11 billion. In this way, the group has redeemed its shares by paying off $2.02 billion in debt so far this year.
Tuesday’s payment will release 31 million shares, or 4 per cent stake, in Adani Enterprises and 155 million shares, or 11.8 per cent stake, in Adani Ports. Similarly, 1.2 per cent stake in Adani Green and 4.5 per cent stake in Adani Transmission will be released. On January 24, a report was released by US short selling firm Hindenburg Research. It was claimed that Adani Group manipulated the price of shares for many years. Although Adani Group has denied these allegations.
Gautam Adani: Dissolved in the colors of Gautam Adani! ICRA downgrades ratings of two group companies
group changed track
But the report led to a fall in the shares of group companies for more than a month. Due to this, the market cap of the group companies fell by more than half. But recently, the group’s shares have gained momentum due to heavy investment by Rajeev Jain’s company GQG Partners. The company has invested over Rs 15,000 crore in the shares of Adani Group. Adani Group has also changed its strategy due to the storm caused by Hindenburg Research’s report. Instead of expanding rapidly, he is now busy in improving his financial condition.
