BUSINESS
BSE, NSE want Adani’s clarification on report that it hasn’t repaid share-backed loans
Debt concerns and loans picked up by pledging shares have been major concerns among Adani’s investors triggered by the Hindenburg report. To reassure stakeholders, the conglomerate has been prepaying loans despite selling stakes for Rs 15,000 crore, and has supposedly repaid more than $2 billion borrowed against shares.
But stock exchanges have sought clarification on a media report claiming that the full amount hasn’t been cleared.
- Acccording to news portal The Ken, the loan hasn’t been fully repaid since all promoter shares held against it haven’t been released by banks.
- It cited regulatory filings to argue against Adani’s claims, and has prompted BSE and NSE to seek a response from the conglomerate.
- The report again pushed Adani Enterprises down by 7 per cent in the market, and six out of the remaining nine stocks tumbled as much as 5 per cent with all ending in red.
- The report claims that Adani has only partially repaid the debt against stocks, so that it won’t face action from lenders and can avoid pledging more shares.
Why are shares held back?
- Although pledged shares of Adani Ports were released by banks, the Adani Green and Adani Transmission stocks are still held as collateral.
- Shares haven’t been released, since the Adani Group will need pledges, as stocks are not sufficient to make up for loans in case of defaults after losing their previous value.
- NSE has previously added multiple Adani stocks to its additional monitoring list, and the demand for clarification is another blow to credibility.
