Adani Group is in search of to promote shares of Ambuja Cement price $450 million in a bid to scale back debt and restore investor confidence within the firm, reported the Monetary Instances (FT) on Friday, citing folks acquainted with the matter.
Citing three folks with direct data of the plan, the report mentioned that Adani group on Thursday made a proper request to worldwide lenders to promote 4 to five per cent of Ambuja Cement. The group owns 63 per cent of Ambuja Cement.
Adani Group final 12 months acquired Holcim AG’s cement corporations Ambuja Cement and ACC Ltd in a $10.5 billion deal. It was Adani Group’s largest-ever acquisition. The corporate turned India’s second-largest cement producer after the acquisition.
With the transfer, Adani is hoping to regain investor belief and soothe investor fears over its debt within the wake of a damning US short-seller report.
Final week, Adani group had introduced that it has pay as you go share-backed financing of Rs 7,374 crore ($902 million) forward of its newest maturity in April 2025. In response to Adani group together with the repayments finished earlier within the month of February, Adani has pay as you go $2,016 million of share-backed financing, which is per the promoters’ dedication to prepay all share-backed financing earlier than March 32 2023.
Additionally Learn: Gautam Adani, Family Have Repaid All Share-Backed Loans, Group Tells Investors In London: Report
Moreover, it was additionally reported that the group has paid again a $500 million bridge mortgage taken for the Ambuja Cement and ACC Ltd deal.
The billionaire Gautam Adani-led Adani Group has been seeking to ease issues about its credit score profile after a US-based quick vendor famous excessive debt and alleged improper use of offshore tax havens and inventory manipulation. The group has denied all allegations, calling them “malicious”, “baseless” and a “calculated assault on India”.
A personal Adani household entity offered stakes in 4 publicly traded group corporations to Florida-based asset administration GQG Companions this month for $1.9 billion. The corporate can also be doing a global roadshow which started in Singapore and Hong Kong earlier than transferring to Dubai and London and can proceed within the US.