Adani Ports share price: Jefferies says Promoter Pledges need to be watched
Jefferies said that Total Global issued a release that it is buying 20% stake in Adani Green from the Adani group for an investment of USD 2.5bn, including a previous JV arrangement. Adani Group management said in 2020 that they will reduce promoter pledges in Adani Ports to negligible levels in 2021-22. Deal proceeds could potentially be used for this, which would be a re-rating trigger if it happens.
Adani Green and Total entered into an agreement in April 2020 to form a 50:50 JV for 2148 MW solar assets at USD 2.3 bn EV. In October 2020, additional 205 MW assets were transferred to the JV at USD 0.2 bn EV: Reuters