Adani Group to pre-pay $1,114 million for release of pledged shares

Adani Group, on Monday, said the promoters will pre-pay $1,114 million for the release of pledged shares of its firms ahead of the maturity in September 2024.

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These shares belong to Adani Ports & Special Economic Zones, Adani Green Energy and Adani Transmission, a statement said.

This statement assumes significance in view of the allegations of fraud and stock manipulation by a short-seller against the Adani Group, which led to a steep fall in the share prices of group firms.

On pre-payment, 168.27 million shares of Adani Ports & Special Economic Zones representing 12 per cent of the promoter's holding will be released.

In the case of Adani Green, 27.56 million shares representing 3 per cent of the promoter's holding will be released.

Also, 11.77 million shares of Adani Transmission representing 1.4 per cent of the promoter's holding will be freed.