Entities of India’s Adani pledge more stake in ports arm
Entities of billionaire Gautam Adani on Tuesday pledged more shares of the conglomerate’s port unit as security to lenders, an exchange filing showed, amid a rout in the group’s stocks following a scathing short-seller attack.
Emerging Market Investment and Flourishing Trade and Investment pledged a 2.69% stake in the Adani Ports and Special Economic Zone to Catalyst Trusteeship, which acted as a security trustee on behalf of lenders, the filing showed.
The total stake pledged by the entities in Adani Ports is now 7.79%. Earlier on Tuesday, another disclosure showed Flourishing Trade and Investment had pledged 0.56% stake in the company.
Shares of Adani Ports have plunged about 20% since Hindenburg Research’s report on Jan. 24 alleging improper use of offshore tax havens and concerns about high debt. Seven listed group companies lost $65 billion in the rout.
Adani has called the claims baseless.
Around 17% of promoters’ stake in Adani Ports was pledged as of December-end, according to stock exchange data. Promoters hold over 65% stake in the company.
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