According to the persons, who asked to remain anonymous because the information is confidential, the money was released to lenders on Tuesday.
Digital Desk: The Adani Group has repaid a $500 million bridge loan that was due on Thursday, according to those with knowledge of the situation, adding to a series of other payments as the Indian conglomerate attempts to regain public trust in its financial stability following a damning short seller report.
According to the persons, who asked to remain anonymous because the information is confidential, the money was released to lenders on Tuesday. Following a report by Hindenburg Research in late January that caused Adani assets to plunge, several banks have resisted refinancing the loan, Bloomberg News reported in February.
Since then, the empire led by billionaire Gautam Adani has prepaid roughly $2 billion in loans secured by shares, timely repaid bonds, and secured a further $1.9 billion investment from renowned investor Rajiv Jain of GQG Partners. This has assisted in reducing losses in the group's market value from as high as $153 billion to approximately $124 billion.
A portion of the $4.5 billion loan from international banks to Adani, which was used to finance the acquisition of Holcim Ltd. cement assets last year, was due on March 9. One of the individuals stated that the loan's subsequent installment is due in 2024.
On a holiday in Ahmedabad, the Adani Group didn't respond to an email right away.
