Gautam Adani is looking to sell a stake in his cement business Ambuja Cement to reduce debt and help restore investor confidence in his conglomerate Adani Group.
According to sources, Adani, who owns 63% of Ambuja Cement, made a formal request to international lenders to sell 4% to 5% of the company.
The move comes weeks after short-seller Hindenburg Research released a report accusing Adani’s companies of fraud and market manipulation.
- Adani Group’s listed companies have lost about $145B in market value since the report was released on Jan. 24.
- Adani Group has denied the allegations, calling Hindenburg Research’s report unresearched and maliciously mischievous.
- Ambuja shares closed at Rs384.3 (~$4.70) on Thursday, which would make a 5% stake in the company worth roughly $465M.
