Embattled Indian conglomerate Adani said on Tuesday it prepaid share-backed financing of 73.74 billion rupees ($901.16 million), as part of its promoters' commitment to cut overall leverage backed by shares of the Group's listed companies.

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The billionaire Gautam Adani-led Adani Group has been looking to ease concerns about its credit profile after a US-based short seller noted high debt and alleged improper use of offshore tax havens and stock manipulation, which Adani denied.

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Promoters of the group's flagship firm, Adani Enterprises will release 31 million shares, or a 4 percent stake, while Adani Ports' promoters will release 155 million shares, or an 11.8 percent stake, the group said in a statement.

Promoters of Adani Green Energy and Adani Transmission will release 1.2 percent and 4.5 percent stakes in the respective companies.

In a similar move, the group in February pre-paid $1.11 billion. With Tuesday's repayment, the group has so far repaid around $2.02 billion of share-backed financing, it said.

($1 = 81.8280 Indian rupees)

(Edited by : Soham Shetty)

First Published:Mar 7, 2023 2:34 PM IST