Adani Group to cut down debt, planning to sell stakes of…

Adani Group has been intending to sell as much as five per cent of its equity in both Adani Power as well as Ambuja Cements as part of a comprehensive strategy of debt reduction. The promoter’s share is 72.71 per cent in Adani Power and 70.33 per cent in Ambuja Cement.
 
This is expected to fetch between Rs 15,000 crore to Rs 20,000 crore and the amount fetched is intended to be utilised for deleveraging and to consolidate the balance sheet of the group. Adani’s shares decreased by 1.2% to Rs 686.75. However, the growth rate in the case of Ambuja Cements was confined to a growth rate of just 0.5 % priced at Rs 632.5.  
 
For the year till now, Ambuja Cements has come out as a better performer with a stock price going up by 18 per cent, Adani Power has gone up by 30 per cent in the year 2024. These fluctuations in the share prices depict the market perceptions about the strategies that the Adani Group has adopted.
 
Apart from the proposed stake sales, Adani Energy Solutions raised money through QIP (Qualified Institutional Placement). Rs 8,373 crore were raised. This fund-raising exercise was declared after the market on July 30 and the base size was Rs 5,861 crore with a green shoe option.
 
The maximum increase in the promoter holdings was reported in Ambuja Cements which increased by 3.59 per cent points to 70.33 per cent, that is from 66.74 per cent.

This year in April, the Gautam Adani family invested Rs 8,339 crore for capacity creation among other investments of Rs 5,000 crore proposed in October 2022 and Rs 6,661 crore in March 2023.