Adani Enterprises, Adani Green, Adani Power, Adani Ports shares in focus as group refutes 'mischievous' report

Shares of Adani group companies including Adani Green Energy, Adani Power, Adani Ports & SEZ and Adani Enterprises, among others, are in focus on Wednesday after the group refuted a media report claiming the conglomerate had not paid all its loans against promoters' shares, calling it a 'mischievous claim'

The Adani group had earlier this month announced completion of the full prepayment of margin-linked share-backed financing, ahead of the committed timeline of March 31. A new report by The Ken had, however, raised questions about whether the group actually has repaid debts worth $2.15 billion.

The report prompted a fresh bout of selling in Adani group stocks. Later, stock exchanges sought clarification from the group regarding the news report.

"The Adani Group strongly refutes the news report published by The Ken, a digital publication, which makes the baseless and deliberately mischievous claim that the Group has not completed repayment of USD 2.15 billion in share-backed debt," a Adani group statement read.

The group said it completed the full prepayment of margin linked share backed financing aggregating to $2.15 billion and all corresponding shares pledged for those facilities have been released.

As per the present rules, the Adani group statement noted, any share pledge or release is automatically reported by system driven disclosure (SDD) mechanism of the depository participant, and no separate filing is required to be made. The same has already been updated and is reflected on the NSE website.

"However, the BSE website has not been updated to reflect the same," it noted.

Besides, it noted that as per the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Rule 29 (1) & 29 (2) along with 29 (4) stipulates disclosure obligations on pledge or release of 5 per cent or higher number of shares of the company, which in this case was applicable only to Adani Ports and is not applicable to Adani Transmission and Adani Green Energy.

"Therefore, only Adani Ports’ disclosure has been filed as per SEBI SAST regulations," the group said.

As per the media release of February 6, 12 per cent of Adani Ports shares were released (which was higher than 5 per cent) and 3 per cent of Adani Green Energy shares and 1.4 per cent of Adani Transmission shares were released. Accordingly, SAST disclosure was applicable only to Adani Ports, the group noted.

Besides, the group noted that there has been incremental prepayment of $134 million completed after the press release February 6 ($1,114 million) and March 7 ($902 million), resulting in the updated debt figure of $2.15 billion for the press release of March 12.

Data showed in the three sessions to Tuesday, the m-cap of Adani group fell Rs 79,980 crore to Rs 8,90,750 crore compared with Rs 9,70,730 crore as on March 23.

The group m-cap got eroded by Rs 29,931.64 crore on Monday and Rs 594.18 crore on Friday, data compiled by corporate database AceEquity suggests. Among group shares, the flagship Adani Enterprises sank 7.08 per cent to Rs 1,601.25 on Tuesday. For the three-day period, it is down 11 per cent.

Among group shares, the flagship Adani Enterprises sank 7.08 per cent to Rs 1,601.25 on Tuesday. For the three-day period, it is down 11 per cent.

Adani Ports dropped 5.11 per cent to Rs 596.95, taking its three-day fall to 8.55 per cent. Adani Power, Adani Transmission, Adani Total Gas, Adani Green Energy, Adani Wilmar and NDTV locked at 5 per cent lower circuit limits each on Tuesday. ACC and Ambuja Cements, two Adani group cement stocks, slipped 4.22 per cent and 2.91 per cent, respectively.

Among these stocks, NDTV plunged 13.77 per cent in the three-day period and was the worst performing Adani group stock. It was followed by Adani Power (down 13.59 per cent) and Adani Wilmar (down 12.60 per cent).

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