Adani group firms pledge shares for lenders of flagship company: Trustee
Three Adani group companies have pledged shares for lenders to the Indian conglomerate's flagship Adani Enterprises, which pulled a $2.5 billion share sale during a recent market rout, the debt trustee firm said.
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Adani Ports and Special Economic Zone, Adani Transmission Ltd and Adani Green Energy Ltd pledged shares to SBICAP Trustee Co, the firm, a unit of India’s biggest state lender, State Bank of India, said in a Friday filing to the Bombay Stock Exchange.
The Adani group, controlled by billionaire Gautam Adani, has lost more than $100 billion in market value since January 24, when a US short seller issued a scathing report on the apples-to-airports conglomerate.
Hindenburg Research accused the group of stock manipulation and improper use of offshore tax havens. The conglomerate has rejected the firm’s findings and denied any wrongdoing.
India’s market regulator, the Securities and Exchange Board of India, is investigating the Adani group’s links to some of the investors in the conglomerate's aborted share sale, sources told Reuters on Friday.
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