Gautam Adani, with a net worth of $154.2 billion, is currently ranked third-richest in the world, behind tycoons Elon Musk and Bernard Arnault, according to Forbes.

On Friday, Ambuja said that it was looking to raise 200 billion rupees ($2.51 billion) through an issue of convertible warrants to an Adani Group company.

The Adani group ventured into cement-making operations earlier this year with its $10.5 billion acquisition of Holcim AG's cement businesses in India - Ambuja Cements Ltd and ACC Ltd.

Shares of ACC Ltd also rose after Adani's son Karan was made chairman of the board.

($1 = 79.6200 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Neha Arora)