Gautam Adani sells off stake in Ambuja Cements

Gautam Adani sells off stake in Ambuja Cements
13 March 2023


Gautam Adani is reportedly looking to sell a 4-5 per cent share in Ambuja Cements for around US$450m, according to the Financial Times. The move is designed to help lower debt levels and restore investor confidence in his conglomerate. 

This follows a report by US-based Hindenburg Research in late January 2023 alleging fraud and stock market manipulation by the Adani Group, which wiped US$145bn off the market value of the conglomerate’s listed companies. If the sale goes ahead, it will be the group’s first asset sale as part of efforts to reduce its debt.

 The conglomerate has reportedly paid off around US$2bn worth of loans pledged against the shares in Adani’s listed companies since the Hindenburg report was released. The group said it intended to “pre-pay all share-backed financing” by the end of March 2023. 

According to the Financial Times, Ambuja shares closed at INR384.3 on Thursday 9 March, 2023, which would have made a five per cent stake worth around US$465m.


Published under Cement News