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Three Adani Group Companies Pledge Additional Shares For SBI: Report
Three Adani Group companies have pledged additional shares for SBI, days after a scathing report by a US short-seller led to over $ 100 billion loss in its market value, as per stock exchange filings
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Adani Group | sbi | stock market trading
Three Adani Group companies have pledged additional shares for State Bank of India, days after a scathing report by a US short-seller led to over USD 100 billion loss in its market value, as per stock exchange filings.
Adani Ports and Special Economic Zone (APSEZ), Adani Transmission Ltd and Adani Green Energy pledged shares to SBICAP Trustee Company, a unit of India's biggest lender, SBI.
As many as 75 lakh more shares of APSEZ have been pledged, taking the total to 1 per cent of all shares with SBICAP. In the case of Adani Green, pledge of 60 lakh more shares took the total to 1.06 per cent. Pledge of 13 lakh more shares of Adani Transmission took the total to 0.55 per cent, the filings showed.
The additional pledges are part of a USD 300 million letter of credit - issued by a bank to another bank as a guarantee for payments made - provided by SBI for Adani Group's Carmichael coal mining project in Australia.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Sun, February 12 2023. 20:08 IST
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