BENGALURU, Sept 21 (Reuters) - 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 purchase of stakes in those businesses from
The agreement will be in the form of a non-disposal
undertaking, under which Adani will not be able to offload the
shares until the lender agrees that the debt is paid.
The encumbered shares of ACC and Ambuja were worth around
989.46 billion indian rupees ($12.40 billion) based on Monday's
closing prices and accounted for a 57% stake in ACC and
a 63% stake in Ambuja Cements.
Deutsche Bank AG's Hong Kong branch, which is the agent for
the shares in ACC and Ambuja, made the disclosure in filings to
India's stock exchanges on Tuesday. (https://bityl.co/EZE6)
ACC shares, which had climbed 3.2% on Tuesday,
dropped 1.7% in Wednesday's session, while Ambuja
slipped 1.8% after a 1.7% gain.
The group in May announced the acquisition of Holcim's
cement businesses in India for $10.5 billion to become the
country's No. 2 cement manufacturer.
After the completion of the deal, Adani said on Saturday
that production capacity at the cement units was expected to
double by 2027.
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.
($1 = 79.8230 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Anil
D'Silva and Dhanya Ann Thoppil)