Embattled Adani Enterprises Limited (BSE:512599) is planning to sell 4%-5% of its holding in cement business - Ambuja Cements Limited (BSE:500425) and ACC Limited (NSEI:ACC)- to raise about INR 36 billion ($450 million). The Gautam Adani-led group was in talks with select international investors last week for off-loading cement business stakes, said a source. The deal will be executed through a block on the stock exchange in a few days depending on the market condition to reduce the overall debt of the group, he added.

The Adani Group holds 63% stake in Ambuja Cement and 57% in ACC. The Adani Group has so far prepaid share-backed loan of INR 73.74 billion as part of its promoters' commitment to cut overall leverage backed by shares of the conglomerate's listed entities. The development comes as the port-to-power conglomerate remains focused on reducing debt to regain the confidence of investors – both at home and globally – after the Hindenburg row.

The group said in a statement that promoters of the firm, Adani Enterprises, will release 31 million shares, totaling to 4% stake. Adani Ports and Special Economic Zone Limited (NSEI:ADANIPORTS) will release 155 million shares or an 11.8% stake. Promoters of Adani Green Energy Limited (NSEI:ADANIGREEN) and Adani Transmission Limited (NSEI:ADANITRANS) will release 1.2% and 4.5% stakes in respective companies.

Shares of 10 listed Adani Group companies have made a strong recovery, rising for consecutive trading sessions, following the group's assurance on debt payments and a INR 150 billion investment in four listed companies by GQG Partners LLC.