Adani Group looking to sell up to 5 percent stake in Adani Power, Ambuja Cements: CNBC Awaaz

Sources say promoters of Adani Group are looking to sell 5 percent stake in Adani Power and Ambuja Cements each.

The Adani Group is looking to trim debt by paring down promoter holdings in group companies such as Adani Power and Ambuja Cements, CNBC Awaaz has reported citing sources familiar with the development.

Sources said promoters of Adani Group are looking to sell 5 percent stake in Adani Power and Ambuja Cements each.

Promoters, at the end of June quarter, held a 72.71% stake in Adani Power and a 70.33% stake in Ambuja Cements. The Adani Group has yet to comment on this development. Moneycontrol could not independently verify the report.

Promoters may offload shares through Offer for Sale or Block Deals, aiming to sell shares worth Rs 15,000-20,000 crore across Adani Group companies., the report added. The proceeds are expected to be used to pay down debt and reduce leverage through these stake sales.

Adani Power shares dropped to their lowest level of the day, down 1.2% at Rs 686.75, while Ambuja Cements shares are up 0.5%, trading at Rs 632.5.

Year-to-date, Ambuja Cements has seen an 18% rise in its stock, while Adani Power has surged by 30% in 2024.

On August 5, Adani Energy Solutions announced that it successfully raised Rs 8,373 crore ($1 billion) through a Qualified Institutional Placement (QIP). The QIP, launched after market hours on July 30, initially had a base deal size of Rs 5,861 crore ($700 million) and included a green shoe option, allowing it to scale up to Rs 8,373 crore ($1 billion), as detailed in the company's exchange filing.

In July, Adani Group promoters increased their stakes 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 June quarter, according to the latest shareholding data.

Specifically, promoter holdings in Ambuja Cements rose by 3.59 percent points to 70.33 percent from 66.74 percent. In April, the company reported that the Gautam Adani family had injected an additional Rs 8,339 crore for capacity expansion. Prior to this, the Adani family had invested Rs 5,000 crore in October 2022 and another Rs 6,661 crore in March this year.