Adani pledges shares valued at 13 bn

22 Sep 2022 CW Team

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.

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