Ambuja Cements Stake Sell, Adani engaged in reducing debt pain, will sell 4.5 percent stake in this company, block deal may happen next week – adani family looks to sell 4.5 percent in ambuja cements to raise funds
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If the Adani Group sells its stake in Ambuja Cements, it will be the group’s first asset sale to reduce debt. Earlier in the week, Bloomberg reported that the Adani Group had repaid a $500 million bridge loan on March 9. According to the closing price of Ambuja Cement, the group can get success in raising Rs 3380 crore by selling shares.
Adani Group last year bought Holcim Group’s entire stake in two Indian firms – Ambuja Cements and ACC. These deals were done by Adani Group for $10.5 billion. This was the biggest acquisition of Adani Group till date. Holcim sold its 63.19% stake in Ambuja Cements Ltd and 54.53% in ACC to Adani Group. The Adani Group had bought Ambuja Cements and ACC through Holderind Investments Limited and Endeavor Trade and Investment Limited special purpose vehicles. HolderInd holds 63.18 per cent stake in Ambuja Cements. And Endeavor has 0.04 per cent stake. The promoter holds a total stake of 63.22 per cent.
The impact of the news of Adani Group selling stake in Ambuja Cement can be seen in the shares. Ambuja Cement shares have seen a decline on the last trading day of this week. Today, the shares of Ambuja Cement closed down at Rs 378. For the last five days, the shares of Ambuja Cement are witnessing a continuous decline.
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