Billionaire Gautam Adani has prepaid $1.11 billion in loans ahead of maturity to release pledged shares in Adani Transmission Ltd, Adani Ports and Special Economic Zone Ltd and Adani Green Energy Ltd, in a move aimed at restoring investor confidence and easing the selling pressure in group stocks.
The promoter’s early payment will result in the release of 168.27 million shares of Adani Ports, 11.77 million shares of Adani Transmission, and 27.56 million shares of Adani Green, according to a statement by the group on Monday.
“In light of recent market volatility and in continuation of the promoters’ commitment to reducing the overall promoter leverage backed by Adani listed company shares, we are pleased to inform that promoters have posted the amounts to prepay $1,114 million ahead of its maturity of September 2024," the statement said.