The media reported that Adani Group was planning a share buyback of group firms after last week's carnage triggered by Hindenburg report on the conglomerate.
With reference to the news item dated 30 January 2023 captioned "Adani Group said to plan Rs 3000 cr Ambuja, APSEZ buybacks", the cement major clarified to the stock exchanges that there was no such plan and hence, it was not in a position to comment on the veracity of said media report.The media reported that Adani Group was planning a share buyback of group firms Ambuja Cements and Adani Ports & SEZ worth up to Rs 3,000 crore. "Talks are at an advanced stage and formal announcements by the company boards will be made in the coming weeks," it added.
Adani group shares fell sharply last week following US-based short-seller Hindenburg Research's adverse report on the conglomerate.
Ambuja Cements is one of the leading cement companies in India. It is part of the Holcim Group, a global leader in building materials and solutions and active in four business segments: cement, aggregates, ready-mix concrete and solutions & products.
The cement maker's standalone net profit slipped 68.7% to Rs 137.89 crore on 14% increase in net sales to Rs 3,631 crore in Q3 CY22 over Q3 CY21.
Shares of Ambuja Cements rose 1.65% to Rs 387.45 on Monday, 30 January 2023.
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