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Adani Group looking to sell up to 5% stake in Adani Power, Ambuja Cements: Report
Promoters of Adani Group are looking to sell 5 per cent stake in Adani Power and Ambuja Cements each, the report claimed.
Updated on: Aug 22, 2024, 15:33:13 IST
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Adani Group is looking to trim debt by cutting promoter holdings in group companies such as Adani Power and Ambuja Cements, CNBC Awaaz reported, citing unnamed sources.
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Promoters of Adani Group are looking to sell 5 per cent stake in Adani Power and Ambuja Cements each, the report claimed. Adani Group has not commented on this development.
At the end of June quarter, promoters held a 72.71% stake in Adani Power and a 70.33% stake in Ambuja Cements.
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Following the report, Adani Power shares dropped to their lowest level- falling 1.2% at ₹686.75. Ambuja Cements shares gained 0.5%, trading at ₹632.5.
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In 2024, Ambuja Cements has seen an 18% rise in its stock while Adani Power has surged by 30%.
