India's Adani repays $500 million bridge loan - Bloomberg News
BENGALURU (Reuters) - Embattled Indian conglomerate Adani Group has repaid a $500 million bridge loan that was due Thursday, Bloomberg News reported on Wednesday, citing people with knowledge of the matter.
Adani released the money to the creditors on Tuesday, the report added. Representatives for Adani did not immediately respond to a Reuters request for comment.
The report comes as the group, led by Indian billionaire Gautam Adani, seeks to allay investor concerns about its debt by pre-paying loans, in the aftermath of a scathing U.S. short-seller report.
Last month, Economic Times reported that Adani was in talks to repay a $500 million bridge loan facility, maturing in March, it had taken to buy controlling stakes in cement companies ACC Ltd and Ambuja Cements Ltd.
The loan was underwritten by Barclays, Deutsche Bank and Standard Chartered, ET reported.
Shares of the Adani Group's seven listed companies have seen around $127 billion wiped away from their market valuation after Hindenburg Research's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.
Adani stocks have rebounded after Australia-listed and Florida-based investment firm GQG Partners Inc picked up stakes worth $1.87 billion in four of the group's companies, including flagship Adani Enterprises.
GQG would likely expand its investment in the group, the fund firm's founder Rajiv Jain said earlier on Wednesday.
(Reporting by Nandan Mandayam in Bengaluru; editing by Eileen Soreng)