Adani Group Chairperson Gautam Adani is planning to sell a stake in the cement business for $450 million in a bid to reduce debt, the Financial Times reported.
Adani is looking to sell a 4-5 percent stake in Ambuja Cement to international lenders, the Financial Times reported citing sources. This was done as part of a debt reduction to restore investor confidence in the conglomerate’s recovery from complaints by US short seller Hindenburg Research.
Earlier this week, Bloomberg reported that Adani Group paid off a $500-million bridge loan that fell due on March 9.
More shares of some Adani group companies have been encumbered, SBICap trustees said on Wednesday.
SBICap Trustee said in a notice to the exchange that another 0.99% stake in Adani Green Energy Ltd has been pledged to Adani Enterprises Ltd “for the benefit of creditors”. An additional 0.76% stake in Adani Transmission Limited has also been pledged to banks. , said Trustee.
