Adani may sell 4-5% in Ambuja for $450 million

The Adani Group did not immediately respond to a Reuters request for comment

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 is trying to sell a 4-5% stake in Ambuja Cement for around $450 million as an element of plans to pare financial obligation and restore investor confidence in the conglomerate.

A Financial Times report on Friday quoted three persons with direct knowledge of the plan as saying that Adani Group chairman Gautam Adani had on Thursday made “a formal request to international lenders” to market a stake in Ambuja Cement. The Adonis own 63.2% of the company.

The stocks are going to be offloaded within the secondary market next week — a 5% stake sale will fetch the promoters around 3,400 crores during the market cost that is present. The Ambuja stock closed Friday’s trading session at378.35, down 1.66% over Thursday’s close.

The spokesperson for Adani Group declined to comment.

Adani had obtained Ambuja Cement and its subsidiary ACC in mid-May year that is last

Swiss cement major Holcim for $10.5 billion (around `81,360 crores) including available offers to minority shareholders.

The Adonis holds 56.7% in ACC. While Gautam Adani could be the chairman of Ambuja Cement, their elder son Karan is the chairman and director that is a non-executive ACC.

The deal had been financed by a clutch of 14 international banks which provided $4.5 billion Barclays that is including Chartered and Deutsche Bank.

FT stated that Adani has already paid back a $500-million bridge loan, which was the section of this package and due to mature early this, citing two people familiar with the matter month.

The stock prices associated with the group’s businesses happen under severe pressure after a report by US short-seller Hindenburg Research, in belated January, alleged fraudulence and stock market manipulation by the group. Significantly more than $150 billion of the market value of the conglomerate’s listed companies ended up being destroyed, though the combined group has denied the allegations and has said servicing its $ 24 billion of net debt will not be an issue.

Earlier in the day this month, the Adani promoters offered shares well worth $1.9 billion in four listed companies to an asset that is Florida-based GQG Partners, which is placed in Australia. The team said it meant to “pre-pay all financing that is share-backed by March end.

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