In Stock Exchange Filing, The Adani Group has strongly refuted the news report published by The Ken, a digital publication, which claimed that the Adani Group has not completed repayment of USD 2.15 billion in share-backed debt.
Adani Group has said that the report is baseless and deliberately mischievous
Adani Group has given the details of pledges as under:
According to the Group “All share backed facilities availed by the promoters have been paid off”
“After such repayment, ListCo pledge positions for Adani Green, Adani Ports, Adani Transmission & Adani Enterprises have reduced substantially, and only residual share pledges corresponding to Operating Company (OpCo) facilities remained outstanding”.
” OpCo facilities are availed by respective OpCo, and are part of their existing debt structure, and no new OpCo facilities have been availed since the short-seller report.”
“Salient features for residual pledge position (OpCo facilities)”
“OpCo have secured various facilities based on the security of project assets, project cashflow and other such collaterals”
” In addition to such security, listed shares have been provided as additional collateral for these OpCo liabilities for additional lender comfort”
“Such facilities do not have covenants like cash margin calls, share price linked put option, etc. which exist in share backed financing”