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New Delhi, March 29 – The Adani Group has strongly refuted news reports which makes the baseless and deliberately mischievous claim that the Group has not completed the repayment of USD 2.15 billion in share-backed debt.
Adani has completed full prepayment of margin linked share backed financing aggregating to USD 2.15 billion and all corresponding shares pledged for those facilities have been released.
Adani said all share backed facilities availed by the promoters have been paid off.
After such repayment, ListCo pledge positions for Adani Green, Adani Ports, Adani Transmission & Adani Enterprises have reduced substantially, and only residual share pledges corresponding to Operating Company (OpCo) facilities remained outstanding.
OpCo facilities are availed by respective OpCo, and are part of their existing debt structure, and no new OpCo facilities have been availed since the short-seller report.
OpCo has secured various facilities based on the security of project assets, project cash flow and other such collaterals.
In addition to such security, listed shares have been provided as additional collateral for these OpCo liabilities for additional lender comfort.
Such facilities do not have covenants like cash margin calls, share price linked put option, etc. which exist in share backed financing.