Adani Group’s chairman Gautam Adani has pledged the Adani family’s entire 63.15% and 56.69% stake in Ambuja Cements and ACC Ltd respectively, worth ~$12.5bn to foreign banks in order to fund the group’s $6.5bn acquisition of the above two cement companies. The Adani family completed its acquisition of Ambuja and ACC from Holcim India last week, thereby making the Adani Group India’s second-largest cement maker after Ultratech Cement. Mint reported that the acquisition was funded by loans of $4.5bn from 14 international banks. Having completed the acquisition, Adani Group has overhauled the boards of Ambuja and ACC and approved an infusion of INR 200bn ($2.5bn) into Ambuja via preferential allotment of warrants to fund capex and other requirements.
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