Embattled Adani Group is planning to sell 4-5 per cent of its holding in cement business — Ambuja Cement and ACC — to raise about ₹3,600 crore ($450 million).
The Gautam Adani-led group was in talks with select international investors last week for off-loading cement business stakes, said a source.
The deal will be executed through a block on the stock exchange in a few days depending on the market condition to reduce the overall debt of the group, he added.
The Adani Group holds 63 per cent stake in Ambuja Cement and 57 per cent in ACC.
The Adani Group has so far prepaid share-backed loan of ₹7,374 crore as part of its promoters’ commitment to cut overall leverage backed by shares of the conglomerate’s listed entities.
The development comes as the port-to-power conglomerate remains focused on reducing debt to regain the confidence of investors – both at home and globally – after the Hindenburg row.
The group had recently held a fixed-income roadshow in Hong Kong and Singapore, where it reportedly assured investors that it is well-positioned to service its borrowings. The Adani Group is also scheduled to hold more roadshows from March 7 to 15 in Dubai, London and the United States.
The group said in a statement that promoters of the flagship firm, Adani Enterprises, will release 31 million shares, totalling to 4 per cent stake.
Adani Ports and Special Economic Zone will release 155 million shares or an 11.8 per cent stake. Promoters of Adani Green Energy and Adani Transmission will release 1.2 per cent and 4.5 per cent stakes in respective companies.
Shares of 10 listed Adani Group companies have made a strong recovery, rising for consecutive trading sessions, following the group’s assurance on debt payments and a ₹15,000-crore investment in four listed companies by US boutique investment firm, GQG Partners.