Adani Ports' Promoters Pledge Shares To Raise Rs 430 Crore
The pledge was against the security for borrowing by Adani Rail Infra Pvt.
Promoters of Adani Ports and Special Economic Zone Ltd. have pledged over 206 lakh shares of the company in favour of Credit Suisse AG to raise Rs 430 crore for a group company.
The transaction was done on Friday, the company said in a regulatory filing.
The shares were held by Gautam S Adani, chairman, Adani Group, and Rajesh S Adani, managing director, on behalf of SB Adani Family Trust, and comprise 1.01% of the Adani Ports' share capital.
SB Adani Family Trust holds 39.34% stake in Adani Ports.
In a separate filing, Adani Ports informed the bourses that the pledge was against the security for the borrowing by Adani Rail Infra Pvt. amounting to Rs 430 crore. The value of shares being encumbered amounted to Rs 742.03 crore.
The borrowed amount will be utilised for refinancing of existing indebtedness of the borrower availed for ultimate utilisation towards productive purposes of a group company besides on-lending to group companies that was ultimately utilised for productive purposes of a group company, the filing said.
The amount, it said, will also be utilised for payment of all outstanding costs, fees and expenses in relation to the facility.
The same promoters had earlier got pledge released on 78,000 shares of Adani Ports earlier this week. The pledge was removed from JM Financial Credit Solutions Ltd and JM Financial Products Ltd.