Adani Group is aiming to reduce debt by reducing promoter interests in group firms like as Adani Power and Ambuja Cements, citing persons familiar with the matter. According to sources, Adani Group's promoters intend to sell a 5% share in Adani Power and Ambuja Cements apiece.
At the conclusion of the June quarter, promoters had a 72.71% share in Adani Power and a 70.33% stake in Ambuja Cements. The Adani Group has not yet commented on this development.
The article stated that promoters may dump shares through Offer for Sale or Block Deals, with the goal of selling shares worth Rs 15,000-20,000 crore across Adani Group entities. The profits from these share sales are intended to be utilized to repay debt and decrease leverage.
Adani Power shares fell to their lowest level of the day, down 1.2% at Rs 686.75, while Ambuja Cements shares rose 0.5% to Rs 632.5. Ambuja Cements' stock has increased by 18% year to date, while Adani Power's stock is expected to gain by 30% in 2024.
On August 5, Adani Energy Solutions reported that the company has successfully funded Rs 8,373 crore ($1 billion) through a Qualified Institutional Placement (QIP). The QIP, which was offered after market hours on July 30, had a basic deal size of Rs 5,861 crore ($700 million) with a green shoe option that allowed it to be scaled up to Rs 8,373 crore ($1 billion), according to the company's exchange filing.
According to the most recent ownership statistics, Adani Group promoters boosted their shares in five group firms in July, including Adani Energy Solutions Ltd, Adani Enterprises Ltd, Ambuja Cements Ltd, Adani Power Ltd, and Adani Green Energy Ltd, by more than Rs 23,000 crore during the June quarter.
Promoter interest in Ambuja Cements increased by 3.59 percentage points to 70.33 percent from 66.74 percent. In April, the business announced that the Gautam Adani family had invested an extra Rs 8,339 crore in capacity development. Prior to this, the Adani family spent Rs 5,000 crore in October 2022 and an additional Rs 6,661 crore in March this year.
