Stock in Adani group firms pledged to lenders, Trustee says
1 min read . Updated: 08 Mar 2023, 08:12 PM IST
PremiumMore shares belonging to some Adani Group companies have been encumbered, a trustee said Wednesday.
More shares belonging to some Adani Group companies have been encumbered, a trustee said Wednesday.
SBICap Trustee said in a notice to exchanges that a further 0.99% shares in Adani Green Energy Ltd. were pledged “for the benefits of the lenders" of Adani Enterprises Ltd. An additional 0.76% shares in Adani Transmission Ltd. were also pledged to banks, the trustee said.
SBICAP Trustee Company Ltd. is a unit of State Bank of India, the country’s largest lender.
The Adani Group has lost around $124 billion since Hindenburg Research accused the Indian conglomerate of alleged stock manipulation in late January. The group, belonging to one of Asia’s richest businessmen, Gautam Adani, has denied the allegations in a lengthy rebuttal.
This story has been published from a wire agency feed without modifications to the text.