The move assumes importance, over the acquisition of a group company Adani Agri Logistics for a consideration of nearly Rs 1,000 crore.
Adani Ports and SEZ, which is the cash cow of Adani Group, has extended loans of up to Rs 6,240 crore to subsidiaries and group companies in FY18. The company recorded an impairment of close to Rs 300 crore related to such loans last year. Investors have expressed their apprehensions about promoters pledging of shares which last stood close to 45.51 percent.
This assumes importance, in this light of the acquisition of a group company Adani Agri Logistics for a consideration of nearly Rs 1,000 crore. This is also reflected in its share price, which closed lower by 8 percent on February 25 following the announcement of the acquisition.Watch Sakshi Batra do a 3-Point Analysis on the companies acquisition.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.