Embattled Adani Group on Monday said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of USD 2.15 billion of loans that were taken by pledging shares in the conglomerate’s listed firms and also another USD 700 million in loans taken for the acquisition of Ambuja Cement.
Interest Payment of $203 Million
“The prepayment was done along with interest payment of USD 203 million,” it added. Further, the credit update states that the promoters completed the sale of shares in four listed group entities to GQG Partners, a leading global investment firm, for USD 1.87 billion (Rs 15,446 crore).
“The deleveraging programme testifies to the strong liquidity management and capital access at sponsor level even in volatile market conditions, supplementing the solid capital prudence adopted at all portfolio companies,” Adani Group said in the credit update. US short-seller Hindenburg Research in January released a damning report alleging accounting fraud and stock price manipulation at Adani Group, triggering a stock market rout that had erased about USD 145 billion in the conglomerate’s market value at its lowest point.
Adani Group’s Comeback Strategy
Adani Group has denied all allegations by Hindenburg and is plotting a comeback strategy. The group has recast its ambitions as well as prepaid some loans to assuage investors. The credit update further highlights major improvements in key financial metrics – the portfolio’s combined Net Debt to EBITDA ratio has decreased from 3.81 in FY22 to 3.27 in FY23, run rate EBITDA surged from Rs 50,706 crore in FY22 to Rs 66,566 crore in FY23.
The credit update further states that the banking lines of Adani Group continue to show confidence by disbursing new debt and rolling over existing lines of credit. Moreover, rating agencies both domestic and international rating agencies have reaffirmed their ratings in all the group companies.
Debt Service Cover Ratio (DSCR) has improved to 2.02x during FY23 from 1.47x during FY22. Gross Assets increased to Rs 4.23 lakh crore, up by Rs 1.06 lakh crore. Gross Asset / Net Debt cover has improved to 2.26x in FY23 from 1.98x in FY22.
Continued investments in core infra projects
Continued investments in core infra with gross assets of Rs 3.77 lakh crore (89 per cent of the portfolio) provide long-term multi-decadal visibility of cash flow, it said, adding cash balance was higher by 41.5 per cent at Rs 40,351 crore against Rs 28,519 crore. Free Flow from operations – FFO – (EBITDA less finance cost less tax paid) was Rs 37,538 crore.
Cash Balance and FFO (together at Rs 77,889 crore) are much higher than debt maturity cover for FY24, FY25 and FY26 of Rs 11,796 crore, Rs 32,373 crore and Rs 16,614 crore, respectively, at the combined portfolio level.
UP: CCTV Footage Shows Drunk Rail Staffer Busy On Video Call, Places Bag On MEMU Throttle Causing Collision At Mathura Platform; 5 Suspended
UP: A joint report in the Tuesday Mathura train incident, in which an electric multiple unit (EMU) train broke the buffer dead end and entered platform number 2, has found that the staffer was watching his mobile phone while handling the train and was mildly drunk, sources have said.
The report, according to the sources, while narrating the prima facie reason of the incident, said that according to the Crew Voice & Video Recording System (CVVRS), after the train arrived at the platform, a staffer named Sachin entered the DTC cab (engine) while watching his mobile phone.
It said that while carelessly putting his bag on the throttle of the engine, he again got busy on his mobile.
Drunk Employee Puts Bag On Train’s Throttle
The throttle, due to the pressure of the bag, went into forward position and let the EMU move towards the platform. “It broke the dead end of the platform and half of the coach climbed onto the elevated portion of platform number 2, leading to breakdown of OHE (overhead wire).” The report also said that a breathalyzer test conducted on Sachin showed a reading of 47 mg/100 ml which is considered to be mildly drunk.
“He has been sent for a medical test in which his blood sample will be taken to find out the exact level of alcohol consumption,” a source from the Agra Railway Division, said.
Divisional Railway Manager Tej Prakash Agrawal has suspended five persons including Sachin in connection with the incident. Of the other four, Harbhajan Singh, Brajesh Kumar, and Kuljeet are technical staff and Govid Hari Sharma is a loco pilot.
“We have suspended five persons and further detailed investigation is on,” Agarwal said.
In one of its observations, the joint report said that generally technicians receive the DTC cab (engine) key, however, in this case, the technician sent Sachin to receive the key.
Details On The Incident
Giving the brief history of the incident, the report said that the train arrived at Mathura station at 10.49 pm. After the loco pilot got relieved from his duty and came out of the cab, Sachin entered the cab to take the keys. Within a minute of his entering the cab, it started moving, broke the dead end and half of its portion climbed onto the platform.
Sachin in a written statement said that as per the instruction of his duty in-charge, he asked for the key of the cab from the loco pilot who told him that it was inside the cab.
According to his statement, when he entered the cab and put his bag inside there, the train started moving on its own. He said that he got scared and by the time he applied the emergency brake, it had entered the platform.
He said that he informed his in-charge about it and when he tried to find out the reason why the train started moving, he found that the throttle was in forward position and key was also in position.
Blame Game Over Collision
In his statement, he blamed the loco pilot for keeping the train functions in “switched on” position. However, the loco pilot in his statement said that he had handed over the key to Sachin before the latter entered the cab.
The joint report has mentioned Sachin as ETL staff whereas in his statement, Sachin has mentioned his designation as helper.
The EMU starts from Delhi and covers various local stations before terminating in Mathura. The platform number 2 starts from the train’s terminating point where a buffer dead end has been created.
UP Shocker: Cop Tied To Pole Naked, Thrashed After Being Caught Molesting Girl In Agra; Suspended After Video Goes Viral
Agra: In a shocking incident, a police sub-inspector was tied to pole and beaten in Uttar Pradesh’s Agra. The video of the incident is doing rounds on social media. It can be seen in the video that a Uttar Pradesh Police officer is being beaten after being tied naked to a pole in the village. The police sub-inspector was allegedly beaten by the villagers after he was caught in a compromising position with a woman. The family of the woman alleged that the police officer was molesting the woman.
He jumped through the roof and sneaked into the house in an inebriated condition
As per reports, the UP Police sub-inspector who was beaten by the villagers has been identified as Sandeep Kumar. Sandeep Kumar allegedly jumped through the roof and sneaked into the house in an inebriated condition and started to molest the girl present in the house.
The girl raised an alarm after which the family of the girl came
The girl raised an alarm after which the family of the girl came and caught the police officer red-handed in an objectionable position inside their house in Tihaiya village in Barhan Police Station limits. They then called the villagers and the angry villagers then stripped Sandeep Kumar naked and tied him to a pole. The villagers also thrashed the police officer for his act. The accused was rescued by the police that reached the spot and took the culprit with them.
Sandeep Kumar has been suspended
Uttar Pradesh Police Sub-Inspector Sandeep Kumar has been suspended and a departmental inquiry has been initiated against him after the video of the locals beating the police officer after tying him naked to the pole has gone viral on social media. A case of rape has been registered against the police officer. The incident occurred late night on Sunday (September 17) when the police officer sneaked into the house of the woman and was caught by her family in a compromising position with the woman.
The police have initiated an inquiry in connection with the matter
The police have initiated an inquiry in connection with the matter. They are also scanning the video that is going viral on social media. Etmadpur ACP said, “In the case of a sub-inspector being caught with a girl under police station Barhan area, the sub-inspector is being suspended with immediate effect, strictest departmental action is being taken and after receiving the complaint, legal action will be taken against the SI.”
Karnataka: Woman Dies By Suicide Alleging Harassment By Police In Ramanagara, Says ‘After Death She Will Get Justice’
Bengaluru, September 4: An incident of a homemaker ending her life allegedly due to harassment by police has come to light in the limits of Channapatna town police station in Ramanagara district on Monday. The deceased woman is identified as 31-year-old Madhuri, a resident of Kote Layout in Channapatna city. Madhuri consumed sleeping pills on Saturday and succumbed at the hospital on Sunday. She had stated in the video that she is not able to take torture and harassment by the police she is ending her life.
The cops had not lodged her complaint
It is alleged that when Madhuri went to file a complaint to the Channapatna Rural police station regarding a financial dispute, the cops had not lodged her complaint. The victim had alleged that the cops insulted her at the police station.
Victim has many cheating cases against her
She was allegedly sent back by the police and cops told her that the victim has many cheating cases against her. The woman had stated in her video before committing suicide that at least after her death she will get justice. The relatives and family members have met Ramanagara SP in this regard.
The family have made allegations against Channapatna Town Inspector
The family have made allegations against Channapatna Town Inspector Shobha and other staff. The police department is yet to make an official statement regarding the case.
Ganesh Visarjan 2023: Famous Pandals Across City See Last-Minute Rush
Anant Chaturdashi 2023: Visarjan Procession Of Lalbaugcha Raja Begins; Mumbaikars Gathered In Huge Numbers To Bid Farewell To Bappa
Anant Chaturdashi 2023: Mumbai Police’s Khaki Studio Gives Musical Treat To Ganpati Bappa
RBI, Other Banks To Be Open Today; Public Holiday On Friday
Animal Teaser: Ranbir Kapoor Seeks Anil Kapoor’s Validation In This Murky Father-Son Thriller
G20 Summit In Delhi: PM Modi To Hold Over 15 Bilateral Meetings With World Leaders, Check Names Of Leaders & Countries
Jawan Leaked Online! Shah Rukh Khan’s Film Falls Prey To Piracy Within Hours Of Release
BREAKING: Mumbai Air Hostess Murder Accused Vikram Atval Hangs Himself At Andheri Police Station’s Lockup
Massive 10-ft Long Python Dangles From Building’s Window In Thane; Video Shows Thrilling Rescue Effort
G20 Summit 2023: US President Joe Biden To Arrive In Delhi On September 8, To Hold Bilateral Meet With PM Modi
Entertainment2 years ago
Targeted in Sandalwood drugs case for being a woman: Actress Ragini Dwivedi
Crime1 year ago
Class 10 student jumps to death in Jaipur
Crime1 year ago
‘You must stop this’, SC expresses concern on hate speeches made at Dharam Sansads
Entertainment9 months ago
Rakhi Sawant changes name to Fatima after her wedding with Adil Khan Durrani – Check viral Nikah pics
Bollywood1 year ago
Anushka Sharma starts shooting for her ‘Chakda Xpress’
Maharashtra2 years ago
Corona third wave knocked in Maharashtra!
Maharashtra5 months ago
Maharashtra: Political heavyweight Sharad Pawar steps down as NCP chief
Uncategorized1 year ago
Sufi conference in J&K’s Bandipora hosts a sizeable gathering