Gautam Adani: Amidst the rise in shares, Gautam Adani pledged the stocks of two companies, know what is the affair! gautam adani pledges shares of two companies amid jump in stocks
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SBICAP Trustee is a unit of the country’s largest bank SBI. He says that these shares have been pledged to give benefits to the lenders of Adani Enterprises. With this, the number of pledged shares of Adani has reached 1.32 per cent in Adani Transmission and 2 per cent in Adani Transmission. However, SBICAP has clarified that it is holding the shares only as a security. The company does so on the directions of its customers (lenders) and is not in the business of lending. That is, it does not give loans or loans to any company. However, the company did not clarify for which loan the promoters of Adani Group have pledged additional shares and for which lender.
Redeemed shares of four companies
Last month, Adani had pledged additional shares worth Rs 1,038 crore in three of his companies. He had then pledged 0.11 per cent shares of Adani Transmission, 0.38 per cent of Adani Green Energy and 0.35 per cent of Adani Ports. Then the spokesperson of SBICAP Trustee Company said that whenever there is a change in the number of pledged shares, it has to be informed to the market regulator. This was only additional collateral security and no finance was given by SBI for this. The required collateral coverage of 140% is reviewed at the end of every month and any shortfall is met by way of top up.
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Meanwhile, Adani Group has repaid the bridge loan of Rs 4,100 crore. It was to be paid by Thursday. According to Bloomberg News, Adani Group had released the money on Tuesday itself. Adani Group had taken this bridge loan to buy Ambuja Cements and ACC. SBICAP said shares of Adani Transmission and Adani Green Energy were pledged on March 6. Earlier on Tuesday, the Adani Group redeemed shares of several of its companies by prepaying a loan of Rs 73.74 billion (about $900 million). This will result in the issue of shares of Adani Enterprises, Adani Ports, Adani Green Energy and Adani Transmission.
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