Adani responds on Ambuja & ACC's share holding, dismisses 'promoter pledging' as rumours

Amid the Adani group's Follow-on Public Offer (FPO) cancellation, chairman Gautam Adani dismissed the 'pledging rumours' of ACC and Ambuja Cements. On Thursday, Adani Group-owned ACC and its promoter entity Ambuja Cements issued a clarification stating that none of the shares of either of the companies has been pledged by its promoters. The shares of Ambuja Cements' were up 5.96% to Rs 354 apiece while ACC shares surged 0.40% to Rs 1,853.70 apiece.

'Ambuja Cements & ACC's shares not pledged by promoters': Adani group

In the statement, the Adani Group said that there have been reports from various market sources with respect to Ambuja and its subsidiary ACC claiming that shares of both Ambuja and ACC are pledged by Promoters as a part of acquisition financing".
"There are market rumours that amid market volatility there is a requirement to meet top-up triggers where in there is selling pressure. We would like to clarify that none of the shares of Ambuja or ACC has been pledged by Promoters".

Putting rest to the rumours, Adani group 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".

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: Adani Group

— ANI (@ANI)

It is pertinent to mention that earlier this year, Adani 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. A pledge of stock or share pledge means using shares as collateral and taking a loan against them.

Notably, the Adani group on Monday decided to call off its Rs 20,000 crore FPO citing the 'unprecedented situation and the current market volatility'.