New Delhi: Three Adani Group companies have pledged additional shares for State Bank of India, days after a scathing report by a US short-seller led to over USD 100 billion loss in its market value, as per stock exchange filings.
Adani Ports and Special Economic Zone (APSEZ), Adani Transmission Ltd, and Adani Green Energy pledged shares to SBICAP Trustee Company, a unit of India’s biggest lender, SBI. (Also Read: Turkey Earthquake: WhatsApp Saves Student in Quake- Here’s How)
As many as 75 lakh more shares of APSEZ have been pledged, taking the total to 1 percent of all shares with SBICAP. (Also Read: SBI vs ICICI vs HDFC vs PPF FD Rates 2023: Here’s Comparison of Latest Fixed Deposit Interest Rate)
In the case of Adani Green, pledge of 60 lakh more shares took the total to 1.06 percent. Pledge of 13 lakh more shares of Adani Transmission took the total to 0.55 percent, the filings showed.
The additional pledges are part of a USD 300 million letter of credit – issued by a bank to another bank as a guarantee for payments made – provided by SBI for Adani Group’s Carmichael coal mining project in Australia.