ADVERTISEMENT

Three Adani Group Stocks Move Out Of Short-Term Additional Surveillance

Three Adani Group stocks—Adani Enterprises, Adani Power and Adani Wilmar—moved out of short-term ASM framework on Friday.

<div class="paragraphs"><p>The Adani Group logo is seen on the facade of one of its buildings.(Source: Amit Dave/Reuters)</p></div>
The Adani Group logo is seen on the facade of one of its buildings.(Source: Amit Dave/Reuters)

Three Adani Group stocks—Adani Enterprises, Adani Power and Adani Wilmar—will be moved out of short-term additional surveillance measures framework on Friday.

For Adani Enterprises, margin will be restored prior to inclusion in ASM framework on all existing derivative contracts, according to a circular by the National Stock Exchange.

The three stocks were added to the short-term ASM framework on March 8. With their exclusion, no Adani Group stocks are under the short-term ASM framework now.

Opinion
NSE Puts Three Adani Group Stocks Under Additional Surveillance

Last week, Adani promoters repaid share backed debt worth $2.15 billion (or Rs 17,623 crore, as of March 12) in full ahead of month-end deadline. The prepayments are aimed at restoring confidence as the group stocks crashed after the Hindenburg report.

The promoters also chose to prepay $500 million (about Rs 4,098 crore) financing for the acquisition of Ambuja Cements, which would push up its equity stake in the cement company to $2.6 billion (Rs 21,721 crore).

The repayment and prepayment is in line with the promoters' plans to prepay all share-backed debt before the March 31 deadline.

On Thursday, Adani Enterprises stock rose 0.21% higher at Rs 1,842, while Adani Power dipped 1.68% to Rs 198.75 apiece. Adani Wilmar stock broke 1.35% to close at Rs 420.95 apiece.

Opinion
Adani Promoters Fully Prepay Share-Backed Debt, Increase Equity In Ambuja Financing

Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.