The Adani Group pointed out ‘The Ken’ has stated that the company failed to repay the US$2.15 billion debt owed to its promoters. The corporate giant, in a recent press release, called Ken’s claims in the article ‘baseless’ and said that all the respective shares pledged to such facilities have been released. onion.
The Adani Group also mentioned its share pledge position as of December 31, 2022, and its current share mortgage position as of March 27, 2023.
The company also said debt settlement has significantly reduced mortgage positions in Adani Green, Adani Ports, Adani Transmission and Adani Enterprises. With this, only the remaining share commitments related to the facilities the Company is operating in order to repay the debt.
Publication’s complaint against Adani
Notably, in its latest article, The Ken cited the Adani corporation’s legal filings and claimed the company failed to pay out a substantial portion of the promoters’ shares held as collateral. challenge.
“Regulatory filings examined by The Ken show that the banks have yet to issue a large portion of the advertisers’ shares, as they would have done if the loans had indeed been repaid. fully paid. Under Indian law, disclosures about a share issue need to be filed by the lender on the stock exchange within two business days and by the promoter within seven business days. But neither the Adani Group nor its lenders disclose this information to stock exchanges,” the Adani team cited Ken’s article in the release.
Adani replied to the article
Removing the claims made in the article, the company clarified that all of the pledged shares were issued after prepayment of billions of dollars.
“Under current rules, any commitment or release of shares is reported automatically under the system-driven disclosure (SDD) mechanism of the depository participants and no filing is required. separate profile,” the company said in a press release.
Adani stock plunges
Shares of the Adani group fell the most in value in 23 sessions after a report in The Ken citing regulatory filings showed the banks failed to issue a significant portion of the ad shares held as ad shares. collateral. This means the corporation’s debt remains unpaid, in contrast to its claim to repay $2.15 billion in stock-backed debt.
catch them all Business newsletter, Market News, Hot news Events and Latest news Update on Live Mint. Download Mint . News Application to get Daily Market Updates.
