Adani in talks to prepay loans on shares, denies trimming capex: Report - Hindustan Times
close_game
close_game

Adani in talks to prepay loans on shares, denies trimming capex: Report

Reuters | | Posted by Ritu Maria Johny
Feb 06, 2023 02:57 PM IST

Shares of Adani Group companies have lost more than half their market value, topping a cumulative $100 billion.

India's Adani Group is in talks to prepay all loans backed by pledged shares, a spokesperson told Reuters on Monday, while denying media reports that said the conglomerate was planning to cut back its capital spending.

Members of Congress party demand an investigation into allegations of fraud by Adani Group at a protest in New Delhi on Monday (AP)
Members of Congress party demand an investigation into allegations of fraud by Adani Group at a protest in New Delhi on Monday (AP)

Adani Group plans to trim its capital spending while providing more collateral in the form of stock pledges to lenders, Indian newspaper Mint said, citing people close to the development.

Hindustan Times - your fastest source for breaking news! Read now.

"False report, on the contrary Adani Group is moving to prepay all LAS (Loans Against Shares) finance," a spokesperson for the group said in an emailed statement to Reuters.

Additionally, Adani Group's domestic lenders do not plan to cut off the conglomerate from utilising sanctioned but unused credit lines for fears it could backfire and lead to defaults, Mint said in a separate report, citing bankers.

Shares of Adani Group companies have lost more than half their market value, topping a cumulative $100 billion, after U.S. short-seller Hindenburg Research last month raised questions about the group's debt levels and use of tax havens.

In the brutal fallout of Hindenburg's report, investors dumped Adani shares, while the group's flagship company, Adani Enterprises, was forced to abandon a $2.5 billion share sale last week. Meanwhile, Group Chairman Gautam Adani lost his title as Asia's richest person and slipped down the global rankings of the wealthy.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news
news