INSUBCONTINENT EXCLUSIVE:
MUMBAI: Adani Group chairman Gautam Adani has pledged more shares of his companies worth Rs 1,038 crore as collateral for the Carmichael
coal mine and rail project in Australia as part of his credit line agreement with SBI.His flagship Adani Enterprises, which last week called
off its Rs 20,000-crore follow-on public offering (FPO) after the Hindenburg Research report controversy, pledged 0.35% of Adani Ports -
Adani Group Rs 27,000 crore
Its chairman recently said the lender does not envisage the conglomerate facing any challenge in its repayment obligations after the
Following additional security, the total quantum of shares pledged towards the infrastructure project stands at 1% of Adani Ports, 0.55% of
shortfall is required to be topped up
There have been top-ups in June and July 2022
plummeting stock price of the company
On February 1, ahead of allocation of shares in FPO, the stock had closed at Rs 2,129 on BSE, a 32% discount to lower band of FPO offer
Since then, its stock price has fallen further and on Friday closed at Rs 1,847.Of the Rs 20,000-crore it had planned to mobilise through
the FPO, Adani Enterprises was to spend Rs 10,869 crore to build green hydrogen and expressway projects, Rs 4,165 crore to repay debt and Rs
4,966 crore was to be set aside for general corporate purposes.
