By Bhakti Tambe
MUMBAI (Reuters) -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 emailed response 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 Dec. 31, as per its latest quarterly report.
The company has also paid 10 billion rupees to SBI Mutual Fund and 5 billion rupees to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday, as scheduled, Adani Ports said.
An SBI MF spokesperson confirmed the payment and added, "We have no further exposure to the Adani Group."
Aditya Birla Sun Life Mutual Fund has also received the payment, A. Balasubramanian, managing director and chief executive, confirmed in an emailed response.
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 Feb. 7. ($1 = 82.7760 Indian rupees)
(Reporting by Bhakti Tambe; Editing by Savio D'Souza)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app