homebusiness Newscompanies NewsHere is how things currently stand with regards to Adani Group's pledged shares
Here is how things currently stand with regards to Adani Group's pledged shares
On February 13, SBICAP Trustee had released a pledge on 15.3 lakh shares or 0.1 percent equity of Adani Green Energy.
Adani Group stocks continue to remain in focus after promoters of Adani Transmission created a pledge on 0.76 percent equity of the company in favour of SBICAP Trustee on March 6, according to data on the exchanges.
Similarly, promoter of Adani Green Energy also created a pledge on 0.99 percent equity in favour of SBICAP Trustee on March 6.
The total promoter pledge in favour of SBI Caps for both companies currently stands at 1.32 percent and 2 percent respectively.
The move came just a day after the Adani Group announced that it had prepaid Rs 7,374 crore of share-backed financing ahead of its maturity in April 2025. The payment was made to various international banks and Indian financial institutions.
Post this payment, 4.5 percent of pledged promoter holding in Adani Transmission and 1.2 percent of Adani Green Energy was released.
This is how the Adani Group's pledged share pattern looked like as of December 31, 2022:
Last week, the promoter entity sold shares worth over Rs 15,000 crore in four Adani Group companies to Australia-based GQG partners. Enterprises, Ports, Transmission and Green were the four companies.
Post the payment, here is the percentage of promoter pledge that was to be released:
One may think how Adani Enterprises has a greater portion in pledged shares released compared to what were pledged as of December 31.
Post the fall in Adani Group stocks after the release of the Hindenburg Research report, financial institutions are likely to have invoked higher pledges.
The proceeds from the GQG fund raise were used to repay the additional pledges, as well as the pre-existing ones.
On February 8, the Adani Group had pledged additional shares in favour of SBICAP Trustee. The group had pledged an additional 1.6 crore shares in Adani Ports, Adani Transmission and Adani Green Energy.
SBI Chairman Dinesh Kumar Khara told CNBC-TV18 that the additional shares were pledged to top up the collateral for existing loans and not for a new loan or new pledges.
On February 13, SBICAP Trustee had released a pledge on 15.3 lakh shares or 0.1 percent equity of Adani Green Energy.
The Adani Group has prepaid share-backed financing worth over $2 million in February and March so far. The promoters have committed to prepay all share-backed financing before March 31, 2023.
Shares of Adani Group companies are trading mixed. Adani Enterprises is trading nearly 5 percent lower at Rs 1,942.55, while those of Adani Ports are down 2 percent. Adani Green Energy and Adani Transmission are locked in an upper circuit of 5 percent.
(Edited by : Hormaz Fatakia)
First Published: Mar 9, 2023 8:12 AM IST
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