Holderind Investments, an Adani Group-owned company, is selling US$500m worth of shares in Ambuja Cements Ltd, according to a Reuters report released on 22 August 2024.
Holderind is selling the 2.84 per cent stake in the Indian cement giant on 23 August, at a floor price of INR600 (US$7.14) per share.
As of 30 June 2024, Adani Group held a 70.33 per cent stake in Ambuja, according to market data. Holderind’s 50.9 per cent stake in the cement manufacturer represents the majority of Adani Group’s shareholding in the company.
This deal comes as part of Adani Group's plans to reduce its stake in three of its associated entitities — Adani Power, Ambuja Cements and Adani Wilmar — in an affort to raise INR420bn. The aim of this fundraising effort is to reduce the group's overall debt levels which, as of 31 March 2024, stood at INR1.8trn.
Indian business magnate Gautam Adani’s leading company, Adani Enterprises, is likely to launch a US$1bn share sale by mid-September, according to a recent Reuters report.
