The Adani Family Special Purpose Vehicles (SPVs), the promoters of Ambuja Cements, said they may sell 4.5 per cent stake in the secondary market through black deals. Currently, the share price of Ambuja Cements Company is trading at Rs.378. Adani Group expects to raise Rs 3,690.8 crore by selling 4.5 per cent stake at this level. It is reported that there is a possibility of selling this share in the next week.
Holding Investments has a 63.18 percent stake in Ambuja Cements while Endeavor has a 0.04 percent stake. 63.22 percent share is calculated by the promoter companies. The Adani Group said last year that it had bought a majority stake in Holmes’ Ambuja Cements and ACC Cements for $10.5 billion. In this the promoters have a share of 3 billion dollars. For this, Gautam Adani raised 1.1 billion dollars by mortgaging the shares of Adani Group companies. A total of 4.50 billion dollars in loans were provided by 14 international banks in these transactions. Gautam Adani took charge as the chairman of Ambuja Cements in September last year. His son Karan became ACC chairman and non-executive director. Karan Adani is also a non-executive director of Ambuja Cements.
It is known that American investment research firm Hindenburg released a report on January 24, 2023 making sensational allegations. After that, the shares of Adani group companies collapsed. Their market value has fallen drastically. On the other hand.. Adani’s personal wealth also fell heavily. As a result, he fell from 3rd position to 30th position in the list of the world’s greatest boxers.
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