Adani Group has repaid $3bn in pledges and bonds over the first quarter of the year, sources noted. They said that proceeds from its $1.88bn equity funding by GQG Partners and an additional $1bn from the promoter-group were used to release a substantial part of the promoters’ pledges and repay bonds early. Repayments include those on its dollar bonds, commercial paper dues and releasing promoter pledges. As per regulatory filings, it spent at least $2.54bn to cut promoters’ pledges in four of the nine listed group companies.
Adani Group’s dollar bonds have moved higher by 1 point since Friday. Adani Ports’ 3.1% 2031s were up 1.1 points to 66.41, yielding 9.25%.
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