On Wednesday, Ambuja Cements, now controlled by Adani Group, said that it has pledged 50.5 per cent shareholding in its subsidiary ACC Ltd as collateral for loans taken by the company. The company has pledged its total 9.39 crore shares of ACC Ltd on September 26, 2022.

Adani has acquired Ambuja and ACC (in USD 6.5 billion) through a Mauritius-based SPV Endeavour Trade and Investment Ltd (ETIL), owned by Xcent Trade and Investment Ltd (XTIL). Last week, Adani Group had stated it had pledged its entire stake worth USD 13 billion in Ambuja Cements and ACC.

The company said that the shares of Endeavour Trade and Investment Ltd, Xcent Trade and Investment Ltd and Holderind Investments Ltd shall also be charged for such loans. On Wednesday, Ambuja Cements shares closed at Rs 500.20 a piece on BSE and ACC Ltd’s stock stood at Rs 2,350.90.

Earlier this month, Adani Group had announced the acquisition of Ambuja Cements and ACC for USD 6.5 billion which also includes the buyout of Swiss major Holcim’s share in the two firms and subsequent open offers to minority shareholders.

Founded by Suresh Kumar Neotia in 1983, Ambuja Cements Ltd is a major Indian cement producing company. Headquartered in Mumbai, the firm markets cement and clinker for both domestic and export markets.