Adani Group's chief finance officer denied on Tuesday that the conglomerate had not paid all of its loans against promoters' shares. CFO Jugeshinder Singh indicated in a tweet that data on the exchanges will be updated after the end of the current quarter. He claimed that the report could have easily verified that all margin loans of the promoters had been paid in full if it had merely seen the group's public disclosure of the payments.
The answer came just hours after a report by the digital website The Ken raised concerns about whether the energy-to-ports conglomerate had actually repaid USD 2.15 billion in debt. According to the story, the embattled company only reduced the loan amount through a partial repayment in order to avoid pledging more shares and further action by lenders. It claimed that following the Adani Group's prepayment statement, banks only released the pledged Adani Ports shares.
Adani Group declared earlier this month that it had prepaid USD 2.16 billion in share-backed financing, which it said was in line with promoters' commitment to prepay all share-backed financing by 31 March 2023. The company said in a statement on 7 March that it had prepaid Rs 7,374 crore (USD 902 million) in share-backed financing ahead of its latest maturity in April 2025.
The group stated that with this repayment, domestic and international banks will release 155 million shares of Adani Ports, representing 11.8 per cent of the promoters' holding, 31 million shares of Adani Enterprises, 31 million shares of Adani Transmission and 11 million shares of Adani Green Energy.
However, according to a media story, the banks only released shares in one of the group's companies, Adani Ports. According to the story, lenders have yet to release the remaining shares. The Adani CFO rejected this claim, saying that the deliberate subterfuge will be clear to all once exchanges update the data post-end of the quarter.
According to the news report, the NSE and BSE requested clarification from Adani Group on its loan repayment on Tuesday.