The billionaire Adani family is planning to sell around 3 per cent of their stake in India's second-largest cement firm Ambuja Cements to raise up to $500 million (4,197 crore) via block deals on Friday, as per the terms of the transaction. The family currently owns 70.33 per cent stake in Ambuja Cements, which they acquired from Swiss materials firm Holcim in May 2022.
Reports also suggest that the family may look at selling a small shareholding of between 0.5 per cent and 3 per cent in Adani Power.
The sale of the shares of Ambuja Cements is part of the family's plan to manage and balance their $125-billionstrong portfolio (including unlisted companies), accelerate investments across group companies and induct long-term sovereign fund investors, who are looking to invest in India's growth story, banking sources said.
According to the term sheet, Ambuja Cements' shares are being offered at 5 per cent discount to the company's closing share price of ₹632 on Thursday.
The Adani group did not comment on the imminent block deals.
As regards Adani Power, reports said that the family, which owns 71.71 per cent stake in the electricity generation firm, may offload a small amount of shares.
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