Adani Group Clarifies Promoter Pledge Status of Ambuja and ACC Cement Stocks:
Shares of ACC and Ambuja Cements saw a boost in early trading on February 2nd, while other Adani Group stocks continued to decline. This came after the Indian conglomerate issued a clarification on the promoter pledge status of the two cement stocks.
“We would like to clarify that none of the shares of Ambuja or ACC have been pledged by the promoters,” the Adani Group stated. Ambuja Cements was quoted at Rs 355.20 per share on the NSE, showing a 6.32 percent increase, while ACC shares rose by 1 percent at Rs 1859 per share.
Reports had circulated that shares of both Ambuja and ACC were pledged as part of acquisition financing and there were rumors of a top-up trigger requirement. However, the Adani Group cleared the air, stating that there is no such requirement.
After the completion of the Holcim stake acquisition in September 2022, the Adani Group had pledged their entire stakes in Ambuja Cements (63.2 percent) and ACC (56.7 percent), worth approximately Rs 96,800 crore, with Deutsche Bank’s Hong Kong branch, as stock disclosures showed. However, data from December showed zero promoter pledge.
The Adani Group went on to explain that the promoters have only provided a non-disposal undertaking and there is no requirement for any top-up of shares or cash for Ambuja and ACC under the acquisition financing raised last year.
While the two cement stocks saw an increase, the rest of the Adani pack continued to decline, with Adani Enterprises, Adani Ports, Adani Transmission, Adani Green Energy, Adani Power, and Adani Wilmar falling 5-10 percent. This decline came after Adani Enterprises withdrew its Rs 20,000 crore follow-on public offer (FPO), raising fund concerns.
Adani Group Chairman Gautam Adani reassured concerns, stating that the group will focus on long-term value creation and growth will be managed through internal accruals. He added that the group’s EBIDTA levels and cash flows are strong, and they have a track record of fulfilling their debt obligations.
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