The Adani Group returned at least $3 billion in the March quarter by settling bonds with three domestic mutual funds and reducing promoter-group pledges. The Adani group, headed by billionaire Gautam Adani, repaid share-backed loans totaling Rs. 7,374 crore last month before their April 2025 expiry date. Since Hindenburg Research's critical assessment on the conglomerate was released, the conglomerate has been working to minimise promoter leverage and allay investors' and creditors' fears. Additionally, according to a story in Mint on Tuesday, the group paid off commercial papers totaling at least Rs 36.50 billion ($445.31 million).
“The proceeds from the $1.88 billion equity funding by GQG Partners and an additional $1 billion from promoter-group funding were used to release a substantial part of the promoters’ pledges and repay bonds early," a company official was quoted by Mint in its report.
The Adani Group has spent a staggering $2.54 billion to reduce promoter pledges in four of its nine listed companies: Adani Enterprises Ltd, Adani Ports and SEZ Ltd, Adani Transmission Ltd, and Adani Green Energy Ltd. This comes after the Adani Group experienced a massive erosion in market value of $145 billion following the publication of the Hindenburg Research report on January 24.
Additionally, according to the Mint article, the group refunded at least Rs 3,650 crore in commercial papers that were sold to SBI Mutual Fund, Aditya Birla Sun Life Mutual Fund, and HDFC Mutual Fund in the January-March quarter.
According to a separate assessment, the troubled group's debt burden increased by around 21% in the previous year, while the percentage owned by international banks increased to over 33%. Bloomberg News reports that at the conclusion of the March quarter, worldwide international banks accounted for around 29% of the power-to-ports conglomerate's borrowings.
According to the research, the Adani Group's evolving financial situation and creditor mix clearly demonstrate how the billionaire Gautam Adani's organisation has expanded over the past few years and how well-connected it is to nations like Australia and Israel.