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 $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.
As many as 75 lakh more shares of APSEZ have been pledged, taking the total to 1 per cent of all shares with SBICAP.
In the case of Adani Green, pledge of 60 lakh more shares took the total to 1.06 per cent. Pledge of 13 lakh more shares of Adani Transmission took the total to 0.55 per cent, the filings showed.
The additional pledges are part of a $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.
Meanwhile, a top official of Adani Group said Adani Ports & SEZ Ltd (APSEZ) remains committed to Rs 15,000 crore deep-sea port project in Tajpur, West Bengal and the company is waiting for completion of statutory formalities, such as the draft concession agreement from the state.
Once the formalities are complete, APSEZ will work towards developing the port as per its plans and timelines, the official added.