Soon after the acquisition, the Adani group pledged shares worth US$13bn (billion) in ACC Ltd and Ambuja Cement Ltd, which it bought from Switzerland-based Holcim Ltd. According to Jefferies Financial Group Inc, the acquisitions give Adani group access to about Rs11,000 crore or about US$1.4bn of cash with the two listed companies. Stakes of around 57% of ACC and 63% in Ambuja Cements have been encumbered "for the benefit of certain lenders and other finance parties," the regulatory filings say. In related transaction, Endeavour Trade And Investment also acquired 63.11% stake in Ambuja Cements from Holderind Investments. Last month, the Competition Commission of India (CCI) approved the acquisition of the stake in Holderind Investments, Ambuja Cements and ACC by Endeavour Trade and Investment.

Source: Economic Times September 22, 2022 10:13 UTC