Embattled Adani Group has settled a $500 million bridge loan due on Thursday, as part of its effort to restore faith in its financial stability following a critical report from US-based short seller Hindenburg Research, Bloomberg reported.
This payment is one of several made by the Indian conglomerate.
The money was released to the lenders on Tuesday, the report said quoting sources not willing to be named.
A bridge loan is a short-term financing option used to provide immediate funds to bridge a financial gap.
Post the Hindenburg Researchs negative report made public on January 25, which sent the Adani stocks tumbling the banks had been hesitant in refinancing the debt.
The billionaire Gautam Adanis empire has paid off $2 billion in share-backed loans, made timely bond repayments and secured a $1.9 billion investment from investor Rajiv Jain of GQG Partners. These actions have helped reduce the losses in the groups market value from $153 billion to around $124 billion.
Last year, global banks lent Adani $4.5 billion to fund the acquisition of Holcim Ltd.s cement assets. While a portion of this loan was due on March 9, the next tranche of the loan will be due in 2024.
