Adani infuses Rs 8,339 crore into Ambuja Cements, raises stake to 70.3%
Last month, it infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6 to 66.7 per cent.
Gautam Adani’s Group is in talks to raise about $500 million via dollar bonds.
This will be its first overseas issuance since a report by a US short seller last year prompted concerns about the conglomerate’s ability to refinance borrowings.
According to reports, Adani Green Energy is discussing the planned transaction with a group of foreign banks including a US firm.
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The sale, expected later this year, is yet to be finalized and the terms may still change. Since the Hindenburg report last year, Adani Group’s finances have drawn close scrutiny.
The bombshell report triggered a rout in the group’s shares and bonds, suggesting it would have to pay dearly when next raising capital.
Adani Group’s seven out of 10 stocks traded below the levels seen a year ago since the release of a scathing report by short seller Hindenburg Research.
However, the other three Group stocks including Adani Ports have sailed above the pre-Hindenburg prices.
Over the past year, Adani Group – the sprawling ports-to-power empire — has trimmed debt, pared founders’ share pledges and landed major projects over the past year, helping to rebuild confidence among investors and lender.
The Group’s stocks and bonds have recouped losses, and the group also won fresh equity capital from marquee investors including GQG Partners LLC and Qatar Qatar Investment Authority.
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