According to regulatory filings, shares representing 0.76% of Adani Transmission and 0.99% of Adani Green Energy’s equity capital have been pledged with SBICAP Trustee. At current prices, the pledged shares are worth Rs 1,670 crore. After the additional security, the quantum of shares pledged by the business tycoon stands at 1.32% of Adani Transmission (up from 0.56%) and 2% of Adani Green Energy (up from 1.01%).
SBICAP Trustee, a unit of India’s biggest state lender SBI, said shares of Adani Transmission and Adani Green Energy were pledged in its favour “for the benefit of the lenders of Adani Enterprises”. It must be noted that SBICAP only holds the shares as security according to the directions of its customers (read lenders) and is not in the business of lending to anyone. Its statement, however, didn’t mention for which loan Adani Group promoters had made the additional pledges and to which lenders.
Pledging of shares takes place when the borrower gives to an authorised trustee shares of a company as a security against the loan.
Separately, Adani Group repaid an about Rs 4,100-crore ($500-million) bridge loan due on Thursday, Bloomberg News reported. It released the money to lenders on Tuesday, the report added. The bridge loan, which was taken to finance the purchase of Ambuja Cements and ACC, was underwritten by Barclays, Deutsche Bank and Standard Chartered Bank.
The shares of Adani Transmission and Adani Green Energy were pledged on March 6, SBICAP said. Last month, the business tycoon had pledged additional shares related to three companies worth Rs 1,038 crore to SBICAP. He had pledged 0.11% of Adani Transmission, 0.38% of Adani Green Energy and 0.35% of Adani Ports.