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business | IST

Adani Group promoters to significantly reduce pledge shares, say sources

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"The promoters are in talks with mutual funds and NBFCs to release promoter pledge shares over next 6-8 weeks," sources said. 

Adani Group promoters are looking to significantly reduce pledge shares, sources informed CNBC TV-18 on Wednesday. "The promoters are in talks with mutual funds and NBFCs to release promoter pledge shares over next 6-8 weeks," they said.
Adani Group, however, declined to comment on the development.
Currently, Adani Green, with a share holding of 75 percent, has a pledge share holding of 12.7 percent. Adani Ports, with a promoter holding at 62.5 percent, has a pledge holding of 22.7 percent.
Adani Transmission has a promoter holding of 75 percent and stakes are pledged at 26.4 percent. Adani Enterprise has a promoter holing af 75 percent and stakes are pledged at 22.3 percent.
In case of Adani Gas, the entire promoter holding of 74.8 percent are pledged.
In 2019, Adani Group raised $6 billion via debt and equity. It raised Rs 3,700 crore equity value in Adani Green and Rs 5,500 equity value in Adani Gas from TOTAL.  Additionally, it raised Rs 3,200 crore from Qatar investment in Adani Transmission.
Adani Green Deal, which close on Tuesday, meanwhile, received Rs 3,700 crores for 50 percent stake sale in SPV of 2148 MW.