Adani Power shares up over 3%: Adani Power shares rose more than 3% in morning trade on Thursday after US-based boutique investment firm GQG Partners and other investors purchased an 8.1% interest in the company for more than Rs 9,000 crore (USD 1.1 billion).
On the BSE, the shares rose 3.27 percent to Rs 288.45.
On the NSE, it rose 3% to Rs 288.50 a share.
However, some of the group’s companies were trading in the red. Even though the market opened on a high note, shares of Adani Transmission, Adani Total Gas, Adani Wilmar were trading down.
In the equity market, the BSE benchmark was trading 127.20 points or 0.20 per cent lower at 62,660.27.
The Adani Group on Monday said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller.
Adani Group said in a Credit Note issued on Monday that it had fully repaid USD 2.15 billion in loans obtained by pledging shares in the conglomerate’s listed companies, as well as additional USD 700 million in loans obtained for the acquisition of Ambuja Cement.
“The prepayment was made in conjunction with the payment of USD 203 million in interest,” it stated.
The promoters also finalised the sale of shares in four listed group firms to GQG Partners, a major global investment firm, for USD 1.87 billion (Rs 15,446 crore), according to the credit update.
“The deleveraging programme demonstrates strong liquidity management and capital access at the sponsor level, even in volatile market conditions, supplementing the solid capital prudence adopted by all portfolio companies,” Adani Group stated in a credit update.
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