Adani did not immediately respond to a Reuters request for comment. (Reporting by Chris Thomas in Bengaluru; Editing by Krishna Chandra Eluri)
BENGALURU, Jan 31 (Reuters) - Entities of billionaire
Gautam Adani on Tuesday pledged more shares of the
conglomerate's port unit as security to lenders, an exchange
filing showed, amid a rout in the group's stocks following a
scathing short-seller attack.
Emerging Market Investment and Flourishing Trade and
Investment pledged a 2.69% stake in the Adani Ports and Special
Economic Zone to Catalyst Trusteeship, which acted as
a security trustee on behalf of lenders, the filing showed.
The total stake pledged by the entities in Adani Ports is
now 7.79%. Earlier on Tuesday, another disclosure showed
Flourishing Trade and Investment had pledged 0.56% stake in the
company.
Shares of Adani Ports have plunged about 20% since
Hindenburg Research's report on Jan. 24 alleging improper use of
offshore tax havens and concerns about high debt. Seven listed
group companies lost $65 billion in the rout.
Adani has called the claims baseless.
Around 17% of promoters' stake in Adani Ports was pledged as
of December-end, according to stock exchange data. Promoters
hold over 65% stake in the company.
Bloomberg News reported that Adani on Friday added about
$300 million worth of shares to maintain its collateral cover
for a loan made by a group of banks including Barclays Plc,
after the steep selloff in shares.
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