for around $450 million, citing sources with knowledge of the situation.
Details about Adani Group wants to sell a $450 million stake in Ambuja Cements
According to the article, Adani formally asked foreign financiers to purchase 4% to 5% of his cement company, Ambuja Cements.
A request for comment from Reuters was not immediately answered by the Adani Group.
Last year, the troubled Adani Group made its largest acquisition to date, paying $10.5 billion for the Indian cement operations of Holcim AG, Ambuja Cements & ACC Ltd.
With its most recent action, Adani is attempting to regain investor trust and soothe investor fears over its debt in the wake of a damning US short-seller report.
The company has refuted Hindenburg Research’s allegations of stock manipulation and inappropriate use of tax havens as well as the report’s identification of “substantial” debt levels.
Senior officials told investors at a meeting in London that Gautam Adani and his family have paid off all borrowings secured by the shares of his conglomerate Adani Group, according to Bloomberg News this week.
Ambuja Cements lost 1.7% of its value at the market close, while ACC lost 0.7%.