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Home News Adani Ent zooms 7% as Group CFO refutes report of incomplete debt...

Adani Ent zooms 7% as Group CFO refutes report of incomplete debt repayment

Adani,

After Adani Enterprises made it clear that the promoters had received all of the share-backed facilities, the company’s shares rose 7% to Rs 1,708.65 on the BSE in intraday trade on Wednesday. paid.

The flagship company of the Adani Group saw its shares drop by 7% on Tuesday as a result of this. According to Ken, a digital publication, the group hasn’t paid back $2.15 billion in share-backed debt. Up until yesterday, the stock had lost 21% from its March 8, 2023 peak of Rs 2,040.

This was clarified today by Adani Group, which stated that it vehemently denies the news report that was published by the digital publication KenA. The report makes baseless and intentionally malicious claims that the group has not completed repayments of $2.15 billion in equity-backed debt. Adani Group said that it strongly refutes these claims.

“Adani has completed the full prepayment of the margin linked equity backed financing of $2.15 billion (see our media release dated March 12, 2023) and has released all pledged shares for those facilities have been done,” the Adani Group stated in a statement to the media.

According to the group, the Listco pledge positions for Adani Green, Adani Ports, Adani Transmission, and Adani Enterprises have significantly decreased as a result of these repayments, and the only outstanding share pledges for the operating company (OPCO) facilities are the residual share pledges.

Ken’s reported on Tuesday that the group claimed to have paid back nearly $2.15 billion in debt; On March 12, it made the announcement that all of its margin-linked share-backed debt had been paid off.

However, Ken’s review of the regulatory filings reveals that banks have not yet issued a significant portion of the promoters’ shares, as required if the loan had been fully repaid.

“The System Driven Disclosure (SDD) mechanism of the Depository Participant automatically reports the pledging or release of any shares in accordance with the existing regulations, and no separate filing is required.” It has already been updated and is available for viewing on the NSE website. The BSE website, on the other hand, has not been updated to reflect this. For the full release, please click here.

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