Ambuja Cements has signed a non-dealing undertaking (NDU) with lenders on 50.5 per cent shareholding in its subsidiary ACC as collateral for loans taken by the company. The company signed a NDU on 9.39 crore shares of ACC on September 26, 2022.
Earlier, Adani had acquired the two firms -- Ambuja and its subsidiary ACC -- through a Mauritius-based SPV Endeavour Trade and Investment (ETIL), which is owned by Xcent Trade and Investment (XTIL). Last week, Adani Group had signed a NDU on its entire stake worth $13 billion in Ambuja Cements and ACC, days after completing its $6.5-billion acquisition of the two companies.
Ambuja Cements is engaged in manufacturing and marketing of cement and clinker for both domestic and export markets.
