India’s embattled Adani Group is in talks with lenders to repay a $500 million bridge mortgage facility it had taken to purchase controlling stakes in cement corporations ACC Ltd and Ambuja Cements Ltd final 12 months, the Financial Occasions day by day reported on Wednesday.
The group is seeking to repay the bridge mortgage with money this month, the report mentioned, citing folks conscious of the matter, including that the mortgage had a tenor of six months and was half of a bigger $5.25 billion financing bundle.
Additionally learn: Adani group says no refinancing points in bid to calm jittery buyers
The report comes a day after the group mentioned its corporations face no materials refinancing threat or near-term liquidity points, in its newest try and calm buyers spooked by a U.S. short-seller’s vital report on its enterprise practices.
The mortgage was underwritten by Barclays, Deutsche Financial institution and Customary Chartered, ET reported.
The monetary consortium lending to Adani additionally consists of DBS, MUFG, Sumitomo Mitsui Banking Corp, First Abu Dhabi Financial institution, Intesa and Mizuho, the report mentioned.
Adani and the lenders didn’t instantly reply to Reuters’ requests for remark.