Adani Group of Companies chairman Gautam Adani is planning to sell a stake in his company Ambuja Cements to raise $450 million as reported by Financial Times on March 10. According to the report, Adani owns a 63% stake in Ambuja Cement and is looking to release a four to five per cent stake for $450 million. Adani acquired his stake in the cement company for $10 billion last year.
Post the Hindenburg report, Adani Group has been working towards gaining investor confidence after major corrections in its listed companies. Adani Group repaid a $500 million loan before its due date on March 9. The stake sale is in line with the company’s measure to lower its $24 billion outstanding loans. The port-to-power conglomerate has pledged to prepay all remaining loans by March end as reported by Moneycontrol. The recent news of Rajeev Jain leading GQC Partners $1.9 billion investment had a positive effect on the Group’s listed companies.
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