Adani Group promoters have paid close to Rs 4,200 crore in April to mutual funds (MFs) and non-banking financial companies (NBFCs) to revoke pledged shares, CNBC-TV18 has learnt.

According to sources, the Group is cutting down some of its pledges. Looking at the official data on the exchanges, the promoter Group has revoked close to 90 lakh shares in Adani Transmission on April 13, 2020, and close to 1.7 crore shares in Adani Enterprises as of April 13, 2020.

According to sources, by end of this month, they are going to further reduce the pledged shares across the Group stocks.

By the end of September quarter, the promoter is looking to pay another Rs 3,000 crore to MFs and NBFCs to further bring down pledged shares.

The whole idea is that they want to discontinue this whole process of having loan against shares from the promoter category. They are working on and by September they are going to pay another Rs 3,000 crore to MFs and NBFCs and release the pledge shares, sources said.

According to the latest data, already 10-15 percent is what the pledge has come down in April for most of the Adani Group companies.

First Published:Apr 16, 2020 9:30 PM IST