India's embattled Adani Group has repaid around $902 million worth of share-backed financing to local and international banks ahead of schedule as it seeks to allay investor concerns after a short-seller report accused it of accounting fraud.
The repayment was paid ahead of its latest maturity in April 2025, the conglomerate said on its website on Tuesday.
It was made “in continuation of promoters’ commitment to reduce the overall promoter leverage backed by Adani-listed company shares”, the company said.
The term promoters refers to shareholders involved in setting up and funding a company.
Following the repayment, the promoters will release 155 million shares, or 11.8 per cent, of their holding in Adani Ports and Special Economic Zone, 31 million shares (4 per cent) in Adani Enterprises, 36 million shares (4.5 per cent) in Adani Transmission and 11 million shares (1.2 per cent) in Adani Green Energy.
The company's total early repayment of share-backed financing is now about $2.02 billion, “which is consistent with promoters’ commitment to prepay all share backed financing before March 31, 2023”, it said.
Billionaire Gautam Adani's conglomerate, which has interests ranging from ports to power, has lost billions in market value following US short-seller Hindenburg Research's scathing report on January 24.
Hindenburg Research accused companies controlled by Mr Adani, at the time Asia's richest person, of being involved in “brazen” market manipulation and accounting fraud.
The company and Mr Adani have both denied any wrongdoing.
The net worth of Mr Adani, which had reached about $150 billion, has also plummeted, and was at $52.1 billion as of Tuesday, according to the Bloomberg Billionaires Index.
However, Adani Group shares recovered last week after US boutique investment firm GQG Partners said it bought shares worth $1.87 billion in four Adani Group companies, marking the first significant investment in the company since the scandal began.
The group has also been holding roadshows and met fixed-income investors in Singapore and Hong Kong last week.
It is also planning to meet investors in Dubai, London and the US between March 7 and March 15, to try to reassure them of its financial position, Bloomberg reported, citing sources.
Analysts have also said that the effects from the Adani debacle may be short-lived and would not affect the wider stock market.
The exposure of Indian banks to the conglomerate is “insufficient in itself” to present substantial risk to lenders, Fitch Ratings previously said.
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
PRISCILLA
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Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
The specs
Price, base / as tested Dh100,000 (estimate)
Engine 2.4L four-cylinder
Gearbox Nine-speed automatic
Power 184bhp at 6,400rpm
Torque 237Nm at 3,900rpm
Fuel economy, combined 9.4L/100km
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
Killing of Qassem Suleimani
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Teaching your child to save
Pre-school (three - five years)
You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.
Early childhood (six - eight years)
Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.
Middle childhood (nine - 11 years)
Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.
Young teens (12 - 14 years)
Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.
Teenage (15 - 18 years)
Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.
Young adulthood (19 - 22 years)
Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.
* JP Morgan Private Bank
EXPATS
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UAE%20SQUAD
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