Pledged Shares Rise In Three Adani Group Companies: SBICAP Trustees
Encumbered shares rise in Adani Ports and Special Economic Zone, Adani Green Energy and Adani Transmission.
Pledged shares rose in three Adani Group companies, according to SBICAP Trustee Co.
SBICAP Trustee acquired additional shares of Adani Ports and Special Economic Zone Ltd., Adani Green Energy Ltd. and Adani Transmission Ltd., according to its disclosures to the BSE Ltd. It received the shares in its capacity as a "security trustee for lenders of Adani Enterprises Ltd."
According to the disclosures, here are the details of shares encumbered in favour of SBICAP Trustee:
Adani Ports: 75 lakh shares or 0.35%, taking the total to 1% or 2.15 crore shares.
Adani Green: 60 lakh shares or 0.38%, increasing the pledge to 1.06% or 1.68 crore shares.
Adani Transmission: 13 lakh shares or 0.11%, taking the pledge to 0.55% or 62.17 lakh shares.
Shares of Adani Group companies have tumbled, erasing more than $120 billion from the conglomerate's market value, after the Hindenburg Research raised governance concerns. Adani Group has called the allegations "malicious" aimed at hurting the now-withdrawn follow-on public offer of Adani Enterprises Ltd.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.