Adani in preparation to sell 4.5% stake in Ambuja Cements to raise family funds

Adani Family: Adani Group is in the process of selling stake in Ambuja Cement, a cement company bought last year to raise funds. Adani Family Special Purpose Vehicles, promoters of Ambuja Cement, has sought permission from lenders to sell potential shares. Adani Group may sell 4.5 per cent stake in Ambuja Cements through a block deal in the secondary market.

Adani Group is preparing to raise Rs 3,000 crore by selling shares of Ambuja Cements. 4.5 percent stake can be sold through block deal. According to the closing price of Ambuja Cement, the group can get success in raising Rs 3380 crore by selling shares.

Holderind Investments Ltd and Endeavor Trade and Investment Ltd (Endeavour Trade and Investment Ltd) were bought by the Adani group through a special purpose vehicle, Ambuja Cements and ACC. HolderInd holds 63.18 per cent stake in Ambuja Cements while Endeavor holds 0.04 per cent. The promoter has a total stake of 63.22 per cent.

In May 2022, Adani Group acquired Holcim India’s assets Ambuja Cements and ACC for $10.5 billion valuation. The group had pledged shares of other group companies for this acquisition and raised $1.1 billion through this.

Earlier on Thursday, news came that the Adani group has pledged more shares of its companies as security for the loans it has taken. SBICAP trustee has given this information to the stock exchanges. SBICAP told the stock market that 0.99 per cent shares of Adani Green Energy Limited have been pledged for the benefit of the creditors of Adani Enterprises Limited. Adani Transmission Limited has also pledged 0.76 per cent shares in banks. However, SBICap, a unit of State Bank of India (SBI), however, did not reveal the quantum of debt taken by Adani Enterprises, for which the shares had to be pledged to the group.

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