In a filing to Abu Dhabi Securities Exchange, IHC confirmed that the funds invested in Adani Enterprises' Rs 20,000-crore FPO was returned to its bank account
IHC said it was duly informed about the Adani Enterprises' decision to roll back the fully-subscribed offer.
PNB's funded exposure stands at Rs 6,300 crore, non-funded at Rs 700 crore, MD and CEO AK Goel had said in a recent interaction.
Exposure toward Adani Group's airport business is at Rs 2,500 crore, he had said.
"All exposures are backed by cash flows, no exposure against shares. We have no worries as on date with regard to our exposure to the group," Goel assured. "We will be keeping watch on all developments."
Source: PNB press briefing
India says state banks, LIC exposure to Adani companies is very low, Bloomberg said citing Finance Secretary TV Somanathan.
India sees no contagion risk from Adani crisis
Adani issue doesn't affect India's macroeconomy.
Source: Bloomberg
The shares of State Bank Of India were trading 1.36% lower at Rs 520.2 apiece.
Meanwhile, IDFC First Bank shares traded 3.36% higher.
Movements in the equity market have no impact on credit quality, a State Bank of India official told BQ Prime.
"SBI exposure is backed by cashflows, and we have good visibility on the future cash flows," the official said on the condition of anonymity. All Adani Group assets are generating strong cash flow, the official said.
While the follow-on public offering event might impact future projects, it has no immediate impact on the bank, the official said.
The regulator has sought details in the normal course of business.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.