Friday, March 24, 2023

Adani: Adani wants to sell 4-5% in Ambuja for $450 million: Report – Usky News

MUMBAI: Adani Group Chairman Gautam Adani is seeking to sell stake in Ambuja Cements, which he acquired from Switzerland’s Holcim last year, the Financial Times reported on Friday. It has made a formal request to international lenders to sell 4-5% Ambuja Cements The report states that its value is around $450 million.
Adani Group did not respond to TOI’s request for comment. Adani owns 63% of Ambuja Cements. Within weeks of the deal closing, the group had borrowed huge sums in exchange for shares in the cement producer and had given an undertaking to the lenders that it would not liquidate its stake in the company. All the lenders were foreign banks.
If Adani sells stake in Ambuja Cements, it will be the group’s first asset divestment after the Hindenburg report. While Hindenburg had expressed concern about the Adani Group’s high debt, the business tycoon has said that repaying the group’s Rs 2.3 lakh crore debt will not be an issue.
In Friday market, Ambuja Cements stock closed down 1.7% on BSE, while ACC was down 0.7%. The day’s session was another mixed bag for the group’s 10 scrips, of which three closed at 5% upper circuit, while one at 5% lower circuit.
The group’s market capitalization rose by Rs 7,799 crore to Rs 9.3 lakh crore, BSE data accessed by TOI showed. The market value of the group has increased by about Rs 2.5 lakh crore in the last eight sessions. However, it is still down Rs 9.9 lakh crore from its pre-Hindenburg market cap level of Rs 19.2 lakh crore.
Adani bought Ambuja Cements and its subsidiary ACC for $6. 5 billion in September 2022. Major NSEs and BSE on Friday said Adani Transmission and Adani Total Gas will be placed under the second phase of long-term additional monitoring measures framework.


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