Adani family plans to raise $3.6 bn via promoter share sales

livemint.com:

₹30,000 crore." The value of the family’s holdings in group listed companies is more than ₹10 trillion (about $126 billion), the person said. The immediate plan is to sell stake worth ₹3,000-4000 crore in Ambuja Cements Ltd, in which the promoters hold 70.3%. Rajiv Jain-led US-based boutique investment firm GQG Partners LLC and at least four other entities, including three large bank-promoted firms, are likely to buy the stake soon in a private placement, the person added.

An Adani Group spokesperson declined to comment on the fund-raising plan by the promoter family. As a part of the rebalancing strategy, the family will support strategic growth by continuously strengthening balance sheet; support transactions by those who come as long-term investors into group firms; and be in line with global best practices at par with large international groups. Two weeks ago, a report on India’s most valuable family businesses by Barclays-Hurun India said the Adani family has emerged as the most valued first-generation family business in India with a value of ₹15.44 trillion.

Apart from the ₹10 trillion value held in listed stocks, the rest of the wealth is held in unlisted businesses spanning real estate and infrastructure to solar energy, wind energy, data centres and defence equipment. As share prices fell, the promoter family, along with global investors, accumulated shares of Adani Group firms. Alongside, the promoters repaid about $2.55 billion to get a significant portion of their pledges released.