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The corporate addressed ‘the Ken’ report, saying it had paid off share-backed financing amounting to $2.15 billion and that the inventory pledged for these services had been launched.
“All share-backed services availed of by the promoters have been paid off,” the group stated in a press release on Tuesday. The listed firm positions for the flagship, the ports unit, Adani Inexperienced Power Ltd. and Adani Transmission Ltd. have been considerably lowered, with solely residual share pledges akin to working firm services nonetheless excellent, the group stated.
Working firm services are a part of the models’ current debt buildings, and no new services have been availed for the reason that Hindenburg report, the group stated. These services don’t have covenants like money margin calls or share-price linked put choices, in line with the assertion.
Adani spokesman Jugeshinder Singh earlier tweeted that ‘the Ken’s’ report was a “deliberate misrepresentation.”
The report comes at a time when the group is working to revive confidence after allegations of inventory manipulation and accounting fraud in a report by Hindenburg Analysis hit the conglomerate onerous in January.
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