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Mixed day for Adani Group companies; AEL falls 4,2%, Adani Wilmar up 2.8%
Business Standard

All share-backed loans prepaid, Adani executives tell investors at UK meet

But shares of two more group firms reported to be pledged

Topics
Adani Group | Gautam Adani | Adani Green Energy

Bloomberg 

Adani
Photo: Bloomberg
Gautam Adani and his family have prepaid all borrowings backed by Adani Group company shares, senior executives at the conglomerate told investors at a meeting in London late on Wednesday, according to people who attended the meeting. The people did not want to be identified as the talks were confidential. A spokesperson for the company declined to comment. The international roadshow began in Singapore and Hong Kong before moving to Dubai and London and will continue in the US, according to a person familiar with the matter.

The US meetings will be held over four days, including in New York and Los Angeles, the person said. Meanwhile, more shares belonging to companies of the embattled group have been pledged as security for loans taken by the group’s flagship firm, a trustee said. SBICap Trustee in notices to stock exchanges said that a further 0.99 per cent shares in Adani Green Energy were pledged “for the benefits of the lenders” of Adani Enterprises. An additional 0.76 per cent shares in Adani Transmission were also pledged to banks, the trustee said.

‘Kotak Mahindra Bank has small exposure’

Private sector lender Kotak Mahindra Bank has a "small exposure" to the embattled Adani Group which has been made in line with its credit philosophy, said Paritosh Kashyap, president and head for wholesale banking at the bank. He added the issues surrounding Adani Group are more of a "capital market and valuations issue and not a credit issue."

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First Published: Thu, March 09 2023. 22:36 IST

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