Adani Group issued a statement saying that we have received reports from various market sources regarding Ambuja and our subsidiary ACC Limited, claiming that the shares of both Ambuja and ACC have been pledged by the promoters. It was said on behalf of the group that these reports are completely misleading.
New Delhi: Adani Group has given its response to the news of pledging the shares of its owned Ambuja and ACC Cements. The group clarified that its shares are not pledged by the promoters. It was said on behalf of the group that these reports are completely misleading. Let us tell you that in the Thursday morning session, the share of Ambuja Cements rose by 5.96 per cent to Rs 354, while the share of ACC rose by 0.40 per cent to Rs 1,853.70. Adani Group issued a statement saying that we have received reports from various market sources regarding Ambuja and our subsidiary ACC Limited, claiming that the shares of both Ambuja and ACC have been pledged by the promoters.
In the statement, the company said that the promoters have given only non-disposal undertaking. There is no need to provide any top-up of Ambuja and ACC shares or cash top-up under the acquisition financing raised last year. Adani last year bought cement firms ACC and Ambuja Cements from Switzerland-based Holcim for $10.5 billion. Explain that pledging stock or shares means using the shares as collateral and taking a loan against them.
