Adani Group firm Adani Ports & SEZ has paid a Rs1,500 crore loan. It has also said that it will repay more as the beleaguered conglomerate makes a comeback strategy, following a sellout sparked by a scathing report by US-based Hindenburg Research.
Adani Ports and SEZ paid Rs1,500 crore to SBI Mutual Funds on Monday and will pay another Rs1,000 crore in commercial papers due in March (as per the payment scheme), according to a company spokesperson.
The apple-to-airport conglomerate is hoping to reclaim the narrative and reassure jittery investors and lenders who were alarmed by allegations of accounting fraud and stock manipulation. All of the allegations have been denied by the Adani Group.
Kekst CNC has already been hired as a global communications advisor to help change the narrative in international media. It has also hired the American law firm Wachtell, Lipton, Rosen, and Katz to defend itself against the allegations of the short seller.
As of September 2022, the Adani Group’s gross debt was Rs 2.26 lakh crore, with cash of Rs 31,646 crore.
APSEZ announced on February 8 that it will repay Rs5,000 crore in debt in the fiscal year beginning April, as well as a USD 500 million bridge loan due next month.
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