Adani Ports and Special Economic Zone has repaid Rs.1,500 crore loan and will repay another Rs.1,000 crore in commercial papers due in March, a report said.
On commercial papers that matured on Monday as scheduled, the Adani Group company paid Rs. 1,000 crore to SBI Mutual Fund and Rs. 500 crore to Aditya Birla Sun Life Mutual Fund.
"This part prepayment comes from the existing cash balance and revenues produced from the business operations." This demonstrates the trust that the market has in the group's conservative capital and liquidity management plan. According to a spokesman for SBI MF, there is no more exposure, an SBI MF spokesperson said it has no further exposure.
"Adani Group was exposed to SBI MF to the tune of approximately Rs 1,000 crore, which was paid back upon maturity. We are no longer in contact with the Adani Group "added the spokeswoman.
On February 20, some media reported that Adani Ports has repaid Rs 500 crore to Aditya Birla Sun Life Mutual Fund against maturing commercial papers.
Adani Ports said in an analysts' call earlier this month that it is mulling repaying debt of about Rs 5,000 crore in FY24, without specifying which bonds it would repay. This would improve its net debt to EBITDA ratio to about 2.5 from more than 3 currently.
"Our key objective is that we are generating cash. We want to use that money to repay the debt after meeting all the growth capex," D Muthukumaran, chief financial officer of Adani Ports, had said earlier.
Meanwhile, Gautam Adani has hired top-shelf US crisis communication and legal teams, scrapped a USD 850 million coal plant purchase, reined in expenses, repaid some debt and promises to repay more, as per reports.
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