 "Adani")
Shares of Adani Enterprises surged 7 per cent to Rs 1,708.65 on the BSE in Wednesday’s intra-day trade, erasing its entire previous day’s losses, on the back of heavy volumes after the company clarified that all share-backed facilities availed by the promoters have been paid off.
On Tuesday, the stock of Adani Group flagship company slipped 7 per cent after The Ken, a digital publication, said that that the Group has not completed repayment of $2.15 billion in share-backed debt. From the recent closing high level of Rs 2,040 on March 8, 2023, the stock had corrected 21 per cent till yesterday.
The Adani Group today clarified that and said it strongly refutes the news report published by The Ken, a digital publication, which makes the baseless and deliberately mischievous claim that the Group has not completed repayment of $2.15 billion in share-backed debt.
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After such repayment, ListCo pledge positions for Adani Green, Adani Ports, Adani Transmission & Adani Enterprises have reduced substantially, and only residual share pledges corresponding to Operating Company (OpCo) facilities remained outstanding, the Group said.
On Tuesday, The Ken’s reported that over the last two months, the group has claimed to have repaid about $2.15 billion; it announced, on 12 March, that all of its margin-linked share-backed debt has been paid.
However, regulatory filings examined by The Ken show that banks have not yet released a large portion of its promoters’ shares, as they should have if the loans had indeed been completely repaid.
“As per the present rules, any share pledge or release is automatically reported by system driven disclosure (SDD) mechanism of the depository participant, and no separate filing is required to be made. The same has already been updated and is reflected on the NSE website. However, the BSE website has not been updated to reflect the same,” Adani Group said. CLICK HERE FOR FULL RELEASE
