Adani Stocks: Adani reveals pledged stock positions in 4 companies – Times of India

MUMBAI: Adani Group has revealed its promoters’ latest stock pledge positions related to four listed companies after a media report suggested that the conglomerate’s claim that it has repaid all its loans against promoters’ shares may not be entirely true. The report had also said that no regulatory filings indicate a decline in pledged stock by promoters after the group announced settling of share-backed loans worth over $2.1 billion.
The promoters’ stock pledge positions in four companies – Adani Ports, Adani Transmission, Adani Green and Adani Enterprises – stood at 4.7%, 3.8%, 3.5% and 0.6%, respectively, as on March 27, the conglomerate said. Their positions, as on December 31, 2022, were 17.3%, 6.6%, 4.4% and 2.7% in these four listed group companies.

Their stock pledge position had lowered after the conglomerate settled share-backed debt worth over $2.1 billion. Though the Adani family and their privately held entities released pledged shares related to the four companies, their listed operating entities continue to have their shares of the four companies pledged with the lenders.
Only residual share pledges corresponding to operating company’s loan facilities remain outstanding, the group said. It explained that the operating company has secured various facilities based on the security of project assets, project cash flow and other such collaterals. In addition to such security, listed shares have been provided as additional collateral for operating company’s liabilities for additional lender comfort. Such facilities do not have covenants like cash margin calls, share price linked put option, etc, which exist in share-backed financing, Adani Group said.