Adani Ports & SEZ repays Rs1,500 crore in scheduled time

21 Feb 2023 , 08:11 AM

Adani Ports & SEZ, a company in the Adani group, paid back a debt of Rs1,500 crore and pledged to repay more amounts as the troubled conglomerate planned a comeback after a sale sparked by a critical study from US-based Hindenburg Research.

According to a company spokesperson, Adani Ports and SEZ paid SBI Mutual Funds’ due amount of Rs1,500 crore on Monday and would also pay another Rs1,000 crore of commercial papers due in March (in accordance with the payment schedule).

The spokesperson stated, ‘This half prepayment comes from the existing cash balance and revenues generated from the business operations.

This demonstrates the trust that the market has in the group’s conservative capital and liquidity management plan.

The apple-to-airport corporation wants to correct the record with retaliation and reassure uneasy lenders and investors who were alarmed by claims of stock manipulation and accounting wrongdoing. The Adani Group has refuted every accusation.

To assist in altering the narrative that is being built in worldwide media, the company has already hired Kekst CNC as a global communications advisor. Moreover, it has hired the US law firm Wachtell, Lipton, Rosen & Katz to refute the allegations made by the short seller.

As of September 2022, the gross debt of the Adani Group was Rs 2.26 lakh crore, and its cash position was Rs31,646 crore.

Adani Group has been working nonstop to allay investor worries over debt. It has cancelled a deal to pay more than Rs7,000 crore to acquire a coal plant from DB Power and is creating a roadmap outlining the payback schedule for existing debt.

Earlier this month, French oil giant TotalEnergies said that it will postpone investing in the USD 50 billion green hydrogen production plans of Adani Group until the conclusion of an independent audit.

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