Ambuja Cements pledges 50% share in ACC as collateral for loans ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 13
Ambuja Cements, now controlled by billionaire Gautam Adani-led Adani Group, on Wednesday said it has pledged 50.5 per cent shareholding in its subsidiary ACC Ltd as "collateral for loans taken by the company". The company pledged its total 9.39 crore shares of ACC Ltd on September 26, 2022, said a regulatory filing by Ambuja Cements. Adani has acquired the two firms -- Ambuja and ACC -- through a Mauritius-based SPV Endeavour Trade and Investment Ltd (ETIL), which is owned by Xcent Trade and Investment Ltd (XTIL). "The shares of Endeavour Trade and Investment Ltd, Xcent Trade and Investment Ltd and Holderind Investments shall also be charged for such loans," it added. Last week, Adani Group

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