- ALSO READ
Ambuja rallies 11% on Adani's Rs 20K-cr boost; brokerages mixed on outlook
Holcim closes Ambuja Cement sale to Adani, gets $ 6.4 bn in cash
ACC, Ambuja Cements shares tank over 5% on concerns over encumbrance
Ambuja Cements rallies 5%, hits all-time high in a range-bound market
Adani Group to become most profitable cement manufacturer: Gautam Adani
-
Gautam Adani is seeking to sell a stake in Ambuja Cement for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter.
Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said.
The Adani Group did not immediately respond to a Reuters request for comment.
The embattled Adani Group last year acquired Holcim AG's cement businesses in India - Ambuja Cements and ACC Ltd - for $10.5 billion, its largest-ever acquisition.
Adani's latest move comes as the group seeks to rebuild investor confidence and allay concerns about its debt by pre-paying loans, in the aftermath of a scathing US short-seller report.
Hindenburg Research's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied.
Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported this week.
Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday.
(Reporting by Baranjot Kaur and Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.
Download the Business Standard App for latest Business News and Market News .
First Published: Fri, March 10 2023. 20:04 IST
RECOMMENDED FOR YOU