Adani Group-owned Ambuja Cements, ACC clarify its shares not pledged by promoters
Feb 02, 2023
New Delhi [India], February 2 : Adani Group-owned ACC and its promoter entity, Ambuja Cements, clarified on Thursday that none of the shares of Ambuja or ACC has been pledged by its promoters.
Ambuja Cements' shares were up 5.96 per cent to Rs 354 apiece on Thursday morning session while ACC shares surged 0.40 per cent to Rs 1,853.70 apiece.
In its statement today, Ambuja Cements said, "The promoters have only provided non-disposal undertaking and accordingly, there is no requirement of providing any top-up of shares of Ambuja and ACC or cash top up under the acquisition financing raised last year."
"We have come across reports from various market sources with respect to Ambuja and our subsidiary ACC Ltd (ACC), claiming that shares of both Ambuja and ACC are pledged by promoters as a part of the acquisition-financing," it said.
The companies in the statement went on to add, "Consequently, there are market rumours that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure."
Adani last year bought cement firms ACC and Ambuja Cements from Switzerland's Holcim for $10.5 billion.
According to exchanges data, Ambuja Cements shares have been under pressure in the last five trading sessions amid the selloff in Adani Group stocks on concerns over the US-based short seller Hindenburg Research's report.
A pledge of stock or share pledge means using shares as collateral and taking a loan against them.
