Adani pledges entire Ambuja, ACC stake with banks to fund cement foray

Adani’s group pledged shares valued at about $13 billion in two Indian cement firms just days after it completed the acquisition from Holcim Ltd. Stakes in two of those companies about 57% of ACC Ltd and 63% in Ambuja Cements Ltd. 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. 

The transaction is a so-called non-disposal undertaking, which means the shares can’t be sold until the debt is repaid. 

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