Adani promoters to prepay $1,114 million to release pledged shares ahead of maturity

Adani promoters will pre-pay USD 1,114 million for the release of pledged shares of its companies ahead of its maturity in September 2024, the conglomerate said in a statement. The shares belong to Adani Green Energy, Adani Transmission and Adani Ports & Special Economic Zones. 

With the repayment of such amount,168.27 million shares of Adani Ports & Special Economic Zones representing (12% of the promoter's holding) will be released in due course.

Also, 27.56 million shares of Adani Green (representing 3% of the promoter's holding) and 1.77 million shares of Adani Transmission (1.4% of the promoter's holding) will be freed. 

"This is in continuation of promoters' assurance to pre-pay all share-backed financing," Adani Group said in a statement.

"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 USD 1,114 million ahead of its maturity of September 2024", it added.

The shares of Adani Group have seen wide fluctuation since US-based short sheller group Hindenburg Research came out with a report against the conglomerate accusing it of 'stock manipulation'. The Adani Group, chaired by Gautam Adani, has refuted the charges. 

Meanwhile, markets regulator SEBI (Securities and Exchange Board of India) on Saturday said it is committed to ensuring the stock market's integrity, and all necessary surveillance measures are in place to address any excessive volatility in individual shares. 

On Friday, The Reserve Bank of India (RBI) said India's banking sector is resilient and stable, and the central bank maintains a constant vigil on the lenders. 

Finance Minister Nirmala Sitharaman has also stated that the Adani stock rout after the Hindenburg report was a company-specific issue. She added banks and insurance companies are "not overexposed" to any one firm and assured that Indian markets are very well managed by its regulators.