Move follows Hindenburg Research accusing Adani Group of improper use of offshore tax havens and stock manipulation
Mumbai, NFAPost: Promoters of the Adani Group have prepaid loans against shares of three key companies and released pledged shares.
The group said in a statement promoters have posted the amounts to prepay $1.11 billion ahead of their maturity of September 2024, following recent market volatility and marking commitment to reduce overall promoter leverage backed by listed company shares. The three firms are Adani Green Energy, Adani Ports and Adani Transmission.
With the repayment of such amount, shares of three listed companies would be released in due course. The companies include Adani Ports & Special Economic Zone’s 168.27 million shares, representing 12 per cent of the promoters’ holding.
About 3 per cent of promoter holding in Adani Green Energy will be released and Adani Transmission’s 1.4 per cent of promoters’ holding will also released.
“This is in continuation of promoters’ assurance to prepay all share backed financing,” it said.
The follows after US short-seller Hindenburg Research accused the Adani Group of improper use of offshore tax havens and stock manipulation. The conglomerate denies all allegations.
