Adani Group Chairman Gautam Adani faced a margin call of more than $500 million on a $1.1 billion share-backed loan, prompting him to repay the entire loan, the Financial Times said, according to people with direct knowledge of the matter. reported citing four people.
The repayments were made to avoid any damage to investor confidence, which has been shaken by allegations of fraud by short-selling firm Hindenburg, according to reports on Wednesday.
An Adani spokesman did not immediately respond to a Reuters request for comment outside business hours.
Bloomberg News reported that the Adani group also plans to repay a $500 million loan next month to a consortium of banks, including Barclays, Standard Chartered and Deutsche Bank.