The Adani Group is reportedly looking forward to reducing its debt by selling up to 5% of promoter holdings in Adani Power and Ambuja Cements, reports CNBC Awaaz. Those privy to the promoters plan indicate that the promoters are looking to offload a portion of their stakes in these listed companies while the current holding of promoters firm in Adani Power stands at 72.71% and that in Ambuja Cements at 70.33% as of the June quarter’s end.
Although the Adani Group has not commented on the issue yet, the market has reacted to the news. Stocks of Adani Power were quoted 1.2% lower at Rs 686.75, while Ambuja Cements was up 0.5% at Rs 632.5.
So far in 2024, Ambuja Cements has yielded an 18% uptrend on its share price, while for Adani Power, an uptrend shown is of 30%. The report published by CNBC Awaaz has not been independently corroborated with the statements coming from other sources.
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Source: Moneycontrol
News Desk
