Ambuja Cements creates NDUs of over 9.39 crore shares of ACC Ltd

29 Sep 2022 , 07:49 AM

Ambuja Cements said on Wednesday that it had created NDU over 50% of the shares in its subsidiary ACC Ltd as “collateral for loans taken by the firm.”

According to a regulatory filing by Ambuja Cements, the company created a non-disposable undertaking (NDU) over 9.39 crore shares of ACC Ltd on September 26, 2022.

NDU is distinct from stock pledges. Unlike pledging, which forbids the selling of shares, NDU permits the sale of stocks.

Through a Mauritius-based SPV called Endeavour Trade and Investment Ltd (ETIL), which is owned by Xcent Trade and Investment Ltd., Adani bought the two companies Ambuja and ACC (XTIL).

Days after completing its USD 6.5 billion acquisition of Ambuja Cements and ACC, Adani Group announced last week that it had pledged its whole USD 13 billion share in the two companies.

On September 16, the Adani Group revealed that it had successfully acquired Ambuja Cements and ACC for USD 6.5 billion, including the purchase of Swiss industrial giant Holcim’s interest in the two companies and subsequent open offers to minority shareholders.

Gautam Adani stated in a speech to shareholders following the closing of the deal that his company intended to increase its capacity for producing cement and become the most successful producer in the nation.

The ports-to-energy conglomerate has suddenly grown to be the second-largest cement maker in the nation, according to a speech given by the founder and chairman of the Adani Group on September 17 at an event to celebrate the conclusion of the acquisition.

Chairman of the Adani Group had stated on Tuesday that the company will invest USD 100 billion over the following ten years, particularly in new energy and the digital sector, which includes data centres.

Adani added as he continued to gradually divulge the group’s new energy plans, “Up to 70% of this investment will be in the energy transition space.”

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