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After the announcement of doubling cement production capacities, another announcement has brought the shares of Ambuja and ACC into the limelight as the stocks fell in early trading hours today.
Recently, the deal for Holcim's entire stake in Ambuja and ACC was completed, which resulted in $6.4 billion in proceeds for the Swiss Giant. In a surprising turn of events, Gautam Adani has pledged his entire stake in both cement companies (63% in Ambuja & 57% in ACC), valued at $13 billion or Rs 1 lakh crore.
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Since the entire deal was funded via debt, regulatory filings stated that the stake was kept as collateral for loans taken. According to separate filings by both companies, this was done, "for the benefit of certain lenders and other finance parties".
The shares have been placed as non-disposal undertakings, meaning that the shares are transferred to a new Demat account without change in the beneficial ownership & an understanding that the transferee would not sell the shares.
Yesterday, the stocks of both Ambuja and ACC saw a renewed interest from investors when Mr. Adani announced a significant investment in both companies to double their production capacity by 2030. However, the news of the collateralization of the share has compelled investors to sell their holdings.
Currently, Ambuja and ACC trade around Rs 542.80 and Rs 2,554.95 per share.
Article by Aman Agarwal.
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