Adani group prepays financing for Ambuja cement

Furthermore, the promoters have pre-paid a $500 million facility obtained for Ambuja acquisition financing.

This is in line with the promoters' commitment to increase equity contribution, and they have now infused $2.6 billion out of the total acquisition value of $6.6 billion for Ambuja and ACC, according to a statement from the company.

“The entire pre-payment program of $2.65 billion has been completed within six weeks, which testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies,” the statement added. The Adani family had acquired Ambuja Cements and its subsidiary ACC for $6.6 billion.

The promoters later agreed to invest an additional Rs 20,000 crore to increase both companies' capacity from 70 to 140 mtpa. Following a report by US-based short seller Hindenburg, the group's shares experienced significant volatility. The group has denied all allegations and repaid promoter loans in order to release pledged shares across all group companies.

See also:
Adani Cement's ACC and Ambuja to resume HP operations
Adani Power cancels Rs 70 billion coal plant acquisition