Adani family prepays $ 500 million loan taken for Ambuja acquisition

13 Mar 2023 , 11:40 AM

As part of their debt repayment strategy, the Adani family paid off $2.15 billion in margin-linked share-backed financing before the March 31 deadline.

In this regard, the promoters have pre-paid a $500 million facility obtained for Ambuja acquisition financing.

This is in line with the promoters’ commitment to increase equity contribution, and they have now infused $2.65 billion out of the total acquisition value of $6.6 billion for Ambuja and ACC, according to a statement issued on Sunday by the company.

According to the statement, the sponsor level showed impressive liquidity management and access to capital by completing the entire $2.65 billion pre-payment program within six weeks. This was in addition to the sound capital management practices employed by all portfolio companies.

The Adani family paid $6.6 billion for Ambuja Cements and its subsidiary ACC.

The promoters later agreed to invest an additional Rs 20,000 crore to increase both companies’ capacity from 70 to 140 MTPA.

At around 11.37 AM, Ambuja Cement was trading 0.78% lower at Rs 375.40, against the previous close of Rs 378.35 on NSE. The counter touched an intraday high and low of Rs389.15 and Rs 374.10 respectively.

For feedback and suggestions, write to us at [e-mail]