The company pledged all 9.39 crore shares of ACC Ltd on September 26, 2022.
New Delhi:
Ambuja Cements, now controlled by the Adani Group led by billionaire Gautam Adani, on Wednesday said it had pledged a 50.5% stake in its subsidiary ACC Ltd as “collateral for loans” of the company”.
The company pledged a total of 9.39 crore of shares of ACC Ltd on September 26, 2022, according to regulatory filings by Ambuja Cements.
Adani has acquired two companies – Ambuja and ACC – through Mauritius-based SPV Endeavor Trade and Investment Ltd (ETIL), which is owned by Xcent Trade and Investment Ltd (XTIL).
“Shares of Endeavor Trade and Investment Ltd, Xcent Trade and Investment Ltd and Holderind Investments will also be charged for such loans,” it added.
Last week, Adani Group said it had committed its entire stake worth $13 billion in Ambuja Cements and ACC, days after completing a $6.5 billion acquisition of the two companies.
Adani Group has assigned its 63.15% stake in Ambuja Cements and 56.7% stake in ACC (of which 50% is held by Ambuja) to Deutsche Bank AG Branch in Hong Kong.
Shares of Ambuja Cements closed at Rs 500.20 per piece on the BSE on Wednesday and shares of ACC Ltd closed at Rs 2,350.90.
On September 16, Adani Group announced that it had completed the acquisition of Ambuja Cements and ACC for $6.5 billion, which included the acquisition of Swiss major Holcim’s shares in the two companies and a public offering. followed by minority shareholders.
While speaking to shareholders after closing the deal, Gautam Adani said his group planned to double its cement production capacity and become the most profitable producer in the country.
He sees cement demand in India multiplying thanks to record economic growth and the government’s push to build infrastructure, which should boost profit margins significantly.
In his speech at an event to mark the completion of the acquisition on September 17, the founder and chairman of the Adani Group said the port energy group has become a major cement producer. second in the country.
On Tuesday, the President of the Adani Group said it would invest $100 billion over the next decade, primarily in new energy and the digital space including data centers, as the group bets big on India’s growth story.
70% of this investment will go to the energy transition space, Adani said, as it continues to reveal little by little about the group’s new energy plans.
(This story has not been edited by NDTV staff and was automatically generated from the syndication feed.)
