More stock in Adani Group firms pledged to lenders, trustee says

An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd with APL was sanctioned by the Ahmedabad-bench of National Company Law Tribunal on February 8, 2023, a BSE filing stated.(Representative image)

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.