Adani Group today said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage.
In a credit note released today, Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the group's listed firms and also another $700 million in loans taken for the acquisition of Ambuja Cement.
"The prepayment was done along with interest payment of $203 million," the Adani Group said.
It said the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for $1.87 billion.
"The deleveraging programme testifies to the strong liquidity management and capital access at sponsor level even in volatile market conditions, supplementing the solid capital prudence adopted at all portfolio companies," Adani Group said in the credit update.
Adani Group has denied all allegations by US short seller Hindenburg Research.
The credit update highlights major improvements in key financial metrics - the portfolio's combined net debt to EBITDA ratio has decreased from 3.81 in FY22 to 3.27 in FY23, and run rate EBITDA surged from Rs 50,706 crore in FY22 to Rs 66,566 crore in FY23.
The credit update says the banking lines of Adani Group continue to show confidence by disbursing new debt and rolling over existing lines of credit. Moreover, rating agencies, both domestic and international, have reaffirmed their ratings in all the group companies.
Gross assets grew despite deleveraging - gross assets increased to Rs 4.23 lakh crore, up by Rs 1.06 lakh crore.
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