New Delhi: Adani Group in a press release announced that their promoters will be prepaying USD 1,114 million (1.1 billion) to release their pledged shares in Adani Ports & Special Economic Zone, Adani Green and Adani Transmission. The decision has come as a result of the volatile stock market and promoters reducing overall promoter leverage backed by Adani Listed Company shares.
In light of recent market volatility and in continuation of promoters’ commitment to reduce overall promoter leverage backed by Adani Listed Company shares, promoters have posted the amounts to prepay USD 1,114 million ahead of its maturity of Sep 2024: Adani Enterprises
— ANI (@ANI) February 6, 2023
The statement said that 168.27 million shares of Adani Ports & Special Economic Zone Limited, 27.56 million shares of Adani Green Energy Limited and 11.77 million shares of Adani Transmission Limited will be released in due course.
The shares decided to be released represent 12% of promoters’ holdings in Adani Ports & Special Economic Zone Ltd, 3% in Adani Green Energy and 1.4% in Adani Transmission.
The market volatility the statement talks about came in the light of the report released by Hindenburg Research which alleged the Adani Group of stock manipulation and financial fraud. Points listed in the report also alleged the conglomerate of violating the MPS rule by having 72-75% holding with promoters in many of its listed firms and also noted the fortune built on debt.
Reducing the promoter leverage came as a move after the stocks of many listed companies under the Adani Group are falling.
