Construction Industry News
As part of their debt servicing strategy, the Adani family paid off $2.15 billion in margin-based share-backed financing at the end of March.
In addition, the promoters prepaid a $500 million facility obtained for Ambuja's acquisition financing.
This is in line with the promoters' commitment to increase the equity contribution, and they have now contributed $2.6 billion of the total acquisition value of $6.6 billion for Ambuja and ACC, according to a statement from the company.
"The full $2.65 billion prepayment program was completed within six weeks, demonstrating strong liquidity management and access to capital at the sponsor level, complementing the solid capital requirement assumed by all portfolio companies," the statement added. The Adani family had acquired Ambuja Cements and its subsidiary ACC for $6.6 billion.
The promoters later agreed to invest an additional Rs 20,000 crore to increase the capacity of both companies from 70 to 140 mtpa. Following a report by U.S. short seller Hindenburg, the group's shares experienced significant volatility. The group has denied all allegations and repaid promoter loans to release pledged shares in all group companies.
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