Adani Group Companies Increase Pledges for SBI After Market Loss
In response to a recent report by a US short-seller that resulted in over $100 billion loss in market value, three Adani Group companies have pledged additional shares to the State Bank of India. Adani Ports and Special Economic Zone (APSEZ), Adani Transmission Ltd, and Adani Green Energy have given shares to SBICAP Trustee Company, a subsidiary of India’s largest lender, SBI.
According to stock exchange filings, APSEZ has pledged an additional 75 lakh shares, bringing the total to 1% of all shares with SBICAP. Adani Green has pledged 60 lakh more shares, bringing its total to 1.06%, and Adani Transmission has pledged an additional 13 lakh shares, bringing its total to 0.55%.
The increased pledges are part of a $300 million letter of credit provided by SBI for Adani Group’s Carmichael coal mining project in Australia.
About Adani Group:
Adani Enterprises Ltd has business interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.
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