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Embattled Indian conglomerate Adani said on Tuesday it prepaid share-backed financing of ₹7,374 crore ($901.16 million), as part of its promoters' commitment to cut overall leverage backed by shares of the Group's listed companies.
The billionaire Gautam Adani-led Adani Group has been looking to ease concerns about its credit profile after a U.S.-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied.
Also read: Adani-Hindenburg saga: Supreme Court sets up panel to protect investor interest
Promoters of the Group's flagship firm, Adani Enterprises will release 31 million shares, or a 4% stake, while Adani Ports' promoters will release 155 million shares, or an 11.8% stake, the group said in a statement.
Promoters of Adani Green Energy and Adani Transmission will release 1.2% and 4.5% stakes in the respective companies.
Also read: Eight Adani Group companies settle with gains; Adani Enterprises rallies 5 per cent
In a similar move, the Group, in February, pre-paid $1.11 billion. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said.
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