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Five Adani stocks locked in 5% upper circuit limit as group prepays 7,347-crore loans

Adani Group stocks have been on an upward trend following the announcement that 7,374 crore would be prepaid in share-based financing.

The payment is expected to release 31 Mn shares in Adani Enterprises and 155 Mn shares in Adani Ports, along with 36 Mn shares in Adani Transmission and 11 Mn shares in Adani Green Energy.

The surge in group stocks was triggered by an announcement made on Tuesday by the conglomerate that it would be prepaying all remaining loans of that nature by the end of the month.

The move was made to address concerns about the company's level of debt and leverage, in an effort to regain investor confidence.

The latest early payment of 7,374 crore has helped in the release of significant number of pledged shares of promoters in four group companies.

Adani Total Gas, Adani Green Energy, Adani Transmission, Adani Power, and Adani Wilmar, were locked in a 5% upper circuit limit in today's trade.

US investment firm GQG Partners recently invested 15,446 crore by purchasing a stake in four Adani Group firms.

The stake purchase was seen as a positive development for the Adani Group.

Adani Power also recently announced that it has amalgamated six of its subsidiaries with itself.

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Five out of seven listed group stocks, including Adani Total Gas, Adani Green Energy, Adani Transmission, Adani Power, and Adani Wilmar, were locked in 5% upper circuit limit in today's trade.

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Five Adani stocks locked in 5% upper circuit limit as group prepays 7,347-crore loans

Five out of seven listed group stocks, including Adani Total Gas, Adani Green Energy, Adani Transmission, Adani Power, and Adani Wilmar, were locked in 5% upper circuit limit in today's trade.

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