Adani Group Shares Dive Post Reports Of Group Seeking Time To Pay Ambuja Debt

Shares of Adani Group saw a major fall on Tuesday following reports of the conglomerate seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC and Ambuja Cements.

While Adani Enterprises fell by 6.97 per cent or 120.10 points touching its four week low, Adani Ports was down by 32.60 points or 5.18 per cent. ACC dropped by 4.45 per cent and Ambuja Cement fell by 2.97 per cent. Both Adani Power and Adani Green Energy also witnessed a dip of 5 per cent respectively. 

According to media reports, the Gautam Adani led group has started negotiations with lenders to extend the tenure of its $3 billion bridge loan to a period of five years or beyond from the existing 18 months. 

Reports further suggest that the Adani group is also seeking conversion of another $1 billion mezzanine loan tranche, which currently has a maturity of 24 months, to senior secured debt with a repayment schedule extending up to five years.

Since the Hindenburg report, Adani Group stocks have lost between 22 per cent and 80 per cent.