Adani Enterpresis

NSE seeks clarification from Adani Enterprises on status of pledge shares

The stock exchange has sought clarification from Adani Group’s flagship entity, Adani Enterprises Ltd with reference to a report, which raised questions about whether the empire has actually repaid debts worth $2.15 billion. Shares of Adani Enterprises dived nearly 8 per cent to a near four-week low, while Adani Ports tumbled 9.2 per cent.

The shares of companies including Adani Green Energy, Adani Power, and Adani Wilmar all declined by a 5 per cent daily limit. ACC dropped 4.8 per cent to its lowest since February 2021 and Ambuja Cement slipped 4.2 per cent.

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“Despite the Adani Group’s claim of “complete” repayment of $2.15 billion in share-backed debt, regulatory filings show that banks have not released a significant portion of the promoters’ shares held as collateral, indicating that the debt has not been fully paid off,” theKenreport said.

The report claimed that the group only reduced the loan amount through a partial repayment to avoid pledging more shares and further action against it by lenders. It also noted that following the group’s prepayment announcement, banks have only released the pledged shares of Adani Ports.

Adani Enterpresis

Furthermore, it said that the pledged shares of Adani Green Energy and Adani Transmission had not been released by the bank even a month after the loan repayment announcement. “This is highly unusual as pledged shares are usually released immediately after the borrower settles their debts,” the report said.

“The Ken report is something that increases the risks,” Sameer Kalra, founder of Target Investing, said. “The global banking crisis have resulted in a tightening of liquidity and the cost of it,” Kalra noted.

Meanwhile, another report by theEconomic Timessaid the ports-to-power conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC and Ambuja Cements. The group, led by billionaire Gautam Adani, has begun negotiations with lenders to extend the tenure of its $3 billion bridge loan to a period of five years or beyond from the existing 18 months, the report said.

The conglomerate is also reportedly seeking conversion of another $1 billion mezzanine loan tranche, which currently has a maturity of 24 months, to senior secured debt with a repayment schedule extending up to five years. The original plan was to refinance a large portion of the loans via long-term bonds but that looks difficult given the current market conditions, the report added.

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