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Adani reimburses SBI Mutual Fund, Aditya Birla Sun Life, for Rs. 1,500 crore

A representative for SBI Mutual Fund (SBI MF) stated that the Adani SBI collaboration is not a risk for the company. About Rs. 1,000 crore of SBI MFu2019s exposure to the Adani Group was paid back when it matured.

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Adani reimburses SBI Mutual Fund, Aditya Birla Sun Life, for Rs. 1,500 crore

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  1. ADANI REIMBURSES SBI MUTUAL FUND, ADITYA BIRLA SUN LIFE, FOR RS. 1,500 CRORE

  2. The Adani Group company paid ₹1,000 crores to SBI Mutual Fund and ₹500 crores to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on February 20, 2023, as scheduled. Adani Ports and Special Economic Zone (APSEZ) has returned a ₹1,500 crore loan. The funds generated from business operations and the current cash balance make up this portion of the prepayment. This demonstrates the market's confidence in the Group's prudent capital and liquidity management plan. A representative for SBI Mutual Fund (SBI MF) stated that the Adani SBI collaboration is not a risk for the company. About Rs. 1,000 crore of SBI MF's exposure to the Adani Group was paid back when it matured.

  3. LOAN OF RS. 1,500 CRORE RETURNED BY THE APSEZ ZONE A loan of Rs 1,500 crore has been repaid to APSEZ. In accordance with the terms of the Adani SBI collaboration, the Adani Group company paid Rs. 1,000 crore to SBI Mutual Fund and Rs. 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on February 20, 2023. According to a company representative, this portion of the prepayment is made from the current cash balance and money made from business operations.

  4. KEKST CNC THE GLOBAL COMMUNICATIONS ADVISOR OF THE ADANI GROUP On 9th February 2023, The Economist published an editorial stating that "the humbling of Gautam Adani is a test for Indian capitalism." The Adani Group is said to have enlisted the legal firm Wachtell, Lipton, Rosen & Katz in New York to assist in managing the crisis. According to the Financial Times, Wachtell is one of the most sought-after advisors by overburdened corporate boards at some of the biggest US companies attempting to stave off hostile takeovers or activist investors. SBI Chairman Dinesh Khara said that the bank does not see any issues with the Adani SBI collaboration or the struggling ports-to-mining company, Adani, in meeting its debt obligations. He made it clear that SBI had not given any loans secured by the stock of the company.

  5. THE LOANS IN THE ADANI SBI CASE ARE BASED ON THE TANGIBLE ASSETS Dinesh Khara stated that the Group has a solid track record of making loan repayments on time and that the loans in the Adani SBI case are based on their tangible assets and sufficient cash flows. He went on to say that there have been no requests for refinancing from the Adani Group. Khara's explanation was made in the midst of the challenges that Adani Group stocks were experiencing on the stock market. The Adani Enterprise stock saw resistance from the bulls at Rs. 1,017.45 on 3rd February 2023, after it had opened at Rs. 1,490. It recovered quickly, closing at Rs. 1,565.25, just above its opening values.

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