Ambuja Cements falls even after Adani group pre-pays $500-million loan

The move is in line with the promoters’ commitment to increase equity contribution and the promoters have now infused $2.6 billion out of total acquisition value of $6.6 billion for Ambuja and ACC, the Gautam Adani-led conglomerate has said

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Ambuja Cements shares were trading in the red in a weak market on March 13 despite the Adani Group pre-paying a $500-million loan for the Ambuja deal.

At 12.16 pm, Ambuja Cements was quoting at Rs 373.50, down Rs 4.85, or 1.28 percent, on BSE. It touched an intraday high of Rs 389.00 and an intraday low of Rs 373.45.

Promoters prepaid a $500-million loan taken for Ambuja acquisition, as the power-to-port conglomerate seeks to shore up investor confidence following the release of the Hindenburg Research report, which alleged stock manipulations and also flagged the group’s debt burden.

“This is in line with the promoters’ commitment to increase equity contribution and the promoters have now infused $2.6 billion out of total acquisition value of $6.6 billion for Ambuja and ACC,” the Gautam Adani-led conglomerate has said.

Adani added that the entire prepayment programme was completed within six weeks, which “testifies the strong liquidity management and access to capital at sponsor level, supplementing the solid capital prudency adopted at all portfolio companies”.

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In a $10.5-billion deal, Adani Group picked up Holcim Group’s entire stake in two Indian firms — Ambuja Cements and ACC. It was the largest-ever acquisition by Adani, and India’s largest-ever M&A transaction in the infrastructure and materials space.

Holcim sold its 63.19 percent stake in Ambuja Cements Ltd and 54.53 percent in ACC (of which 50.05 percent is held through Ambuja Cements) to Adani Group.

Earlier, Moody’s Investors Service said that India would see strong demand for cement in FY23 and FY24. Cement production in India is estimated to grow by around 6-8 percent over fiscal years 2023 and 2024, following a 21 percent jump for the fiscal year ended March 2022, according to a report by Moody’s.

The ratings agency believes that India’s infrastructure-led investments, mass residential projects and broad-based economic growth will keep cement demand solid.

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