Shares of Ambuja Cements rose 5.96 percent to Rs 354 apiece during the Thursday morning session, while ACC shares rose 0.40 percent to Rs 1,853.70 apiece.
In its statement today, Ambuja Cements said, “The promoters have only issued a non-divestment statement and accordingly there is no requirement to replenish shares of Ambuja and ACC or replenish cash under the acquisition financing raised last year.”
“We have come across reports from various market sources regarding Ambuja and our subsidiary ACC Ltd (ACC) alleging that shares of both Ambuja and ACC have been pledged by promoters as part of the acquisition financing,” it said.
The companies added in the statement: “Consequently, there are market rumors that amid market volatility there is a requirement to meet the upgrade triggers where selling pressure exists.”
Last year, Adani bought cement firms ACC and Ambuja Cements from Swiss Holcim for $10.5 billion.
Shares of Ambuja Cements have been under pressure during the sell-off for the past five trading sessions, according to exchange data
A collateral of shares or share pledge means to use shares as collateral and take out a loan against it.
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