Indian billionaire Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group’s shares, senior executives told investors at a meeting in London, Bloomberg News reported on Wednesday, citing people who attended the meeting.
The investor meeting was part of a worldwide roadshow launched by the conglomerate aimed at reassuring investors that the conglomerate’s finances are under control, the report said.
Representatives for the embattled conglomerate did not immediately respond to a Reuters request for comment.
Another Bloomberg report earlier in the day said the Adani group has repaid a $500 million bridge loan that was due Thursday.
Adani’s efforts to rebuild investor confidence comes as the group seeks to allay concerns about its debt by pre-paying loans, in the aftermath of a scathing U.S. short-seller report.
Shares of 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.
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