37% 58% 16% 13% 18% 17% 38% 54% 12% 7% 6% 7% 28% 50% 6% 4% 3% 3% 17% 13% 1% 1% 4% 4% 31-Oct-19 31-Mar-20 31-Mar-21 31-Mar-22 30-Sep-22 31-Dec-22 % Promoter Gross Pledge position APSEZ ATL AEL AGEL Adani: deleveraging at promoter in a high growth phase 11 Growth funded by India’s largest equity program, de risking and de leveraging the portfolio & promoter shareholders Primary Change driven by paydown