Adani group firms pledge shares for lenders of flagship company:


According to a Friday statement to the Bombay Stock Exchange by SBICAP Trustee Co, three Adani group firms have pledged shares for lenders to Adani Enterprises.

Adani Transmission Ltd., Adani Green Energy Ltd., and Adani Ports and Special Economic Zone have all pledged shares to SBICAP Trustee Co., a division of India’s largest state lender, State Bank ofIndia.

Shares of the group firms have fallen significantly on the stock exchanges after US-based short-seller Hindenburg Research published a negative report about the Adani Group on January 24. Since January 24, the Adani , owned by billionaire Gautam Adani, has seen its market worth decline by more over $100 billion.

Prior to this, MSCI Inc. stated that it had heard from a variety of market participants on the eligibility and free float calculation of particular securities connected to the Adani.

According to sources speaking to Reuters on Friday, the Securities and Exchange Board of India, India’s market watchdog, is looking into connections between the Adani group and some of the investors in the conglomerate’s cancelled share sale.

Leave a Comment

Your email address will not be published. Required fields are marked *