scorecardresearch
Friday, March 29, 2024
Support Our Journalism
HomeIndiaAdani Ports to prepay Rs 10 billion on commercial papers due in...

Adani Ports to prepay Rs 10 billion on commercial papers due in March, says Group spokesperson

Adani Ports has commercial papers worth Rs 20 billion due to mature in March, data from information service provider Prime Database showed.

Follow Us :
Text Size:

Mumbai: India’s Adani Ports and Special Economic Zone, a group company of the beleaguered Adani Group, plans to prepay 10 billion rupees ($120.8 million) in commercial papers maturing in March, a company spokesperson said.

“This part prepayment is from the existing cash balance and funds generated from the business operations,” the spokesperson said in an email repose late on Monday.

Adani Ports has commercial papers worth 20 billion rupees due to mature in March, data from information service provider Prime Database showed. It had cash and cash equivalents of 62.57 billion rupees as of 31 December, per its latest quarterly report.

The company has also paid 15 billion rupees to SBI Mutual Fund on commercial papers that matured on Monday, as scheduled, it said.

On Monday, local media reported that Adani Ports has repaid 5 billion rupees to Aditya Birla Sun Life Mutual Fund against maturing commercial papers.

Both the fund houses did not immediately respond to a request for comment.

Last week, Reuters reported Adani Enterprises and Adani Ports are likely to repay their short-term commercial papers debt, instead of rolling them over.

Adani Ports said in an analysts’ call earlier this month that it is considering repaying debt of about 50 billion rupees in fiscal 24, without specifying which bonds it would repay.

This, it said, would improve its net debt to EBITDA (earnings before interest, taxes, depreciation, and amortization) ratio to about 2.5 from more than 3 currently.

” … Our main 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 in the call on 7 February. ($1 = 82.7760 Indian rupees) – Reuters

(Reporting by Bhakti Tambe; Editing by Savio D’Souza)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.


Also read: Raids: Congress workers protest outside ED office in Raipur


 

Subscribe to our channels on YouTube, Telegram & WhatsApp

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular