New Delhi: Three Adani group companies have pledged additional shares to State Bank of India, according to a stock exchange filing, days after the US short-seller reported a loss of over USD 100 billion in its market value.
Adani Ports and Special Economic Zone (APSEZ), Adani Transmission Limited and Adani Green Energy pledged shares to SBICAP Trustee Company, a unit of India’s largest lender, SBI. ,Also Read: Turkey Earthquake: WhatsApp Saves Student In Earthquake- Here’s How,
Over 75 lakh shares of APSEZ have been pledged, which is a total of 1 per cent of all SBICAP shares. ,Also Read: SBI Vs ICICI Vs HDFC Vs PPF FD Rates 2023: Here’s Latest Fixed Deposit Interest Rate Comparison,
In the case of Adani Green, pledging of 60 lakh more shares took the total to 1.06 per cent. Pledging of 13 lakh more shares of Adani Transmission took the total to 0.55 per cent, the filing showed.
The additional pledges are part of a US$300 million letter of credit – issued as a guarantee of payments made by one bank to another – provided by SBI for Adani Group’s Carmichael coal mining project in Australia.