adani green energy: Promoters pledge additional shares of Adani Transmission, Adani Green with SBI Trustee

Promoter entities in Adani Transmission and Adani Green Energy have pledged additional shares with SBI Trustee Company on March 6, according to the disclosures on the exchanges.

In Adani Green Energy, 1,56,65,500 shares or 0.99% more stake has been pledged. With this, a total 2% stake is pledged with SBI Trustee. The release did not mention the name of the promoter who has pledged stake.

In Adani Transmission, 85,26,000 shares or 0.76% stake has been pledged. With this, a total 1.32% stake is pledged with SBI Trustee.

Today, shares of Adani Green and Adani Transmission ended in the 5% upper circuit on the NSE. On March 6, Adani group had announced that it prepaid loans worth Rs 7,374 crore, taken against shares as collateral, much ahead of the maturity in April 2025.

With the prepayment of loans to various international banks and Indian financial institutions, 155 million shares in Adani Ports, 31 million in Adani Transmission, and 11 million in Adani Green will be released, the group had said.

In February, the embattled group had prepaid loans worth Rs 9,200 crore to release pledged shares by promoters. Along with the repayments in February, the group has prepaid share-backed loans worth $2.01 billion.

The prepayment of loans which is following the Rs 15,000 crore investment by GQG Partners in 4 Adani Group firms turned the tables for Gautam Adani and the investors in his companies’ shares. Shares of Adani companies across the board have gained for six straight sessions. The prepayment as well as the investment by the global asset management firm helped assuage investor concerns over the group’s ability to meet its debt obligations.

Adani Group has been embattled by the massive allegations made by US-based Hindenburg Research, including corporate mis-governance, stock price manipulations, and high debt obligations.

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