On Monday’s the closing prices of the pledged shares of two cement units- ACC and Ambuja were worth around 989.46 billion rupees and accounted for a 57% stake in ACC and a 63% stake in Ambuja Cements.
BENGALURU: India’s Adani Group has pledged shares worth about $12.5 billion in two cement units, days after the conglomerate controlled by billionaire Gautam Adani completed the purchase of stakes in those businesses from Switzerland’s Holcim.
Deutsche Bank AG’s Hong Kong branch, which is the agent for the pledged shares in ACC and Ambuja, made the disclosure in filings to India’s stock exchanges.
In May this year, the group announced the acquisition of Holcim’s cement businesses in India for $10.5 billion to become the country’s No. 2 cement manufacturer.
Adani on Saturday said that the production capacity at the cement units was expected to double by 2027 once the deal is complete.
Adani, the world’s second-richest man after Elon Musk, has made inroads into several sectors this year, ranging from media companies to cement giants, in a deal-making spree that has raised concerns about his group’s debt levels.
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