Adani Group looking to sell up to 5% stake in Adani Power, Ambuja Cements: Report
Aug 22, 2024 03:33 PM IST
Promoters of Adani Group are looking to sell 5 per cent stake in Adani Power and Ambuja Cements each, the report claimed.
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%.
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