NEW DELHI: The promoters of Adani Group are likely to reduce their stake in three group entities – Adani Power, Ambuja Cement and Adani Wilmar – to raise Rs 42,000 crore.
The money thus raised will be used to reduce the debt of the group, industry sources told TNIE. Adani Group has a total debt of Rs 1.81 lakh crore as of 31 March 2024.
The quantum of stake sale in each of the three companies is not known yet. However, market sources say the stake sale in Ambuja Cement and Adani Power could be up to 5 per cent. According to sources, the Adani family is likely to sell up to 3 per cent of their stake in India’s second-largest cement firm, Ambuja Cements to raise USD 500 million (Rs 4,200 crore) via block deals on Friday.
As per the term sheet, the stake sale in Ambuja would take place at a 5 per cent discount to the closing share price of Rs 632 on Thursday. Adani family currently owns a 70.33 per cent stake in Ambuja Cements, which it acquired from Swiss firm Holcim in May 2022 and became the country’s second-largest cement manufacturer overnight.
At the same time, the promoter family is likely to offload a significant stake in Adani Power. The Adani family, which owns a 71.71 per cent stake in Adani Power, may sell up to 5 per cent stake in the electricity generation firm. Adani Power has a market cap of Rs 2.6 lakh crore.
Adani family holds 43.9 per cent in Adani Wilmar, which has a market cap of Rs 49,000 crore.
The stake sale comes a month after the Adani family increased their stake in five group companies - Adani Energy Solutions Ltd, Adani Enterprises Ltd, Ambuja Cements Ltd, Adani Power Ltd, and Adani Green Energy Ltd - by investing over Rs 23,000 crore during the April-June quarter.
An Adani Group spokesperson refused to comment on the issue.