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Adani Group Prepays Entire Financing For Ambuja Cements Acquisition
The promoters have also prepaid a $500-million facility taken for Ambuja acquisition financing
Topics
Adani Group | Ambuja Cement | acquisition
As part of their debt pre-payment plan, the Adani family has fully paid margin-linked share-backed financing of $2.15 billion before the March-end deadline.
Besides, the promoters have also prepaid a $500-million facility taken for Ambuja acquisition financing.
This is in line with promoters’ commitment to increase equity contribution and they have now infused $2.6 billion out of the total acquisition value of $6.6 billion for Ambuja and ACC, the company said in a statement on Sunday.
“The entire pre-payment program of $2.65 billion has been completed within six weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at 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 expand the capacity of both companies from 70 mtpa to 140 mtpa.
The group's shares faced severe volatility after a report by US-based short seller Hindenburg. The group has denied all the allegations and prepaid promoters loans to release pledged shares across group companies.
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First Published: Sun, March 12 2023. 21:41 IST
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