Adani pledges shares valued at 13 bn

Billionaire Gautam Adani’s group pledged shares valued at about $13 billion in two Indian cement firms just days after it completed the acquisition from Holcim, reflecting the world’s second-richest person’s hunger for capital as his ports-to-power conglomerate expands rapidly. Stakes in two of those companies -- about 57% of ACC and 63% in Ambuja Cements -- have been encumbered “for the benefit of certain lenders and other finance parties,” according to separate filings made to Indian stock exchanges by Deutsche Bank AG’s Hong Kong branch. Also Read Ashwini Vaishnaw inspects multi-modal Sabarmati passenger hub Gautam Adani’s son to oversee the family’s cement business