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'Too much bhang to digest': TMC's Mahua Moitra on Adani Group creating fresh share pledge in two firms

'Too much bhang to digest': TMC's Mahua Moitra on Adani Group creating fresh share pledge in two firms

During a road show in London, Adani Group's senior executives reportedly told investors Gautam Adani and his family have prepaid all borrowings backed by his conglomerate's shares

On Wednesday, Adani Group announced pledge on 0.76% more stake in Adani Transmission Ltd and 0.99% more stake in Adani Green Energy Ltd in favour of SBICAP Trustee On Wednesday, Adani Group announced pledge on 0.76% more stake in Adani Transmission Ltd and 0.99% more stake in Adani Green Energy Ltd in favour of SBICAP Trustee

Mahua Moitra, a Trinamool Congress MP, on Thursday accused Adani Group of "classic deception" for creating fresh share pledges in two firms, especially after it claimed to have told its investors that all share-backed loans have been paid back.

Moitra, who has been accusing Adani Group of various corporate violations ever since US short seller Hindenburg Research accused it of share manipulation and illegal use of tax havens, asked how market regulator Sebi could be okay with Adani's claims and actions within the span of a few hours.

"How can all Adani share backed loans be paid off and then fresh share pledges are created in 2 Adani entities a few hours later. Classic deception. Too much bhang to digest. Or is it all okay for @SEBI_India?" tweeted Moitra while referring to the traditional drink consumed during Holi festival.

Bhang is a spiritiual drink made from the leaves and flowers of the female cannabis plant, which are ground into a paste and mixed with milk, spices, and sweeteners.

Bloomberg reported earlier that during a road show in London, Adani Group's senior executives told investors Gautam Adani and his family have prepaid all borrowings backed by his conglomerate's shares.

The investor meeting was part of a worldwide roadshow launched by the conglomerate aimed at reassuring investors that the conglomerate's finances are under control, the report said. The ports-to-power conglomerate got a shot in the arm last week when US boutique investment firm GQG Partners invested Rs 15,446 crore in four Adani firms.

Another Bloomberg report said the Adani group has repaid a $500-million bridge loan that was due Thursday.

Shares of Adani Group's seven listed companies have seen around $127 billion wiped away from their market valuation after Hindenburg Research's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.

On Wednesday, Adani Group announced pledge on 0.76% more stake in Adani Transmission Ltd and 0.99% more stake in Adani Green Energy Ltd in favour of SBICAP Trustee "for benefit of lenders of Adani Enterprises Ltd".

On Wednesday, Moitra alleged that Adani Group has done prepayment of share-backed financing worth Rs 7,374 crore from the funding it got from GQG.

"As expected. GQG deal to pay margin calls on pledged shares. Out of Rs 15000 crores almost half gone in payments," tweeted Moitra.

Published on: Mar 09, 2023, 2:33 PM IST
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Adani Transmission Ltd
Adani Transmission Ltd