Friday was a good day for the Adani Group, which is facing a huge crisis since the Hindenburg Research report came out. Shares of all the companies of the group closed with a good jump.
Friday was a very good day for Gautam Adani's companies. Shares of almost all companies of Adani Group closed with gains. The reason for this is Adani Group's company 'Adani Cement Industries' repaying a large part of Holcim Limited's debt ahead of time.
Adani Cement Industries recently repaid the loan of $ 200 million (about Rs 1635 crore) to Holcim Limited ahead of time. Adani Group bought its Indian cement business from Holcim Group, in which it has got ownership rights in Ambuja Cement and ACC Limited. With this acquisition, Adani Group became the second largest cement company in the country..
Asked for 3 years extension to repay the loan
In the report of Hindenburg Research, it was said that the Adani group had a huge debt of Rs 2 lakh crore. Also, the group was accused of wrongly exaggerating the share prices of its companies and committing accounting fraud. Immediately after this when a credit crunch arose for the Adani group.
The shares of group companies started falling, then the company started reducing its debt burden. So that the crisis of credit can be dealt with. Not only this, the company also put many of its projects in cold storage.
Now the Adani group has sought an extension of 3 years to repay the loan it had taken for the acquisition of Holcim's cement business in India. For this acquisition, several foreign banks had given a loan of $ 4.5 billion to Adani Group. The company had bought Ambuja Cement and its subsidiary ACC Ltd from Holcim Group for $6.4 billion.
Shares of Adani Group climbed
The news of premature repayment of loan of Rs 1635 crore by Adani Group brought a boom in the shares of its companies. Shares of Adani Port, the flagship company of the group, closed up more than 3 percent. The stock of Adani Enterprises, the second major company, saw a jump of 3.7 percent.
Adani Green 3.8 percent, Adani Transmission 5 percent, NDTV 4.68 percent, Adani Gas 2.85 percent, Ambuja Cement 2.11 percent, ACC Limited 0.69 percent, Adani Power 5 percent and Adani Wilmar's share price closed with a jump of 2.45 percent.
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