Adani Group is considering sale of $450 million stake in Ambuja Cement Company to reduce debt burden and restore investor confidence.

If they sell these shares, it will be their first asset sale since the publication of the Hindenburg Research report.

Adani has formally requested international lenders to sell 4 to 5 percent stake in Adani Group-owned Ambuja Cement Company. From this Adani Group will be able to repay the debt of 45 crore dollars. However, it is not known who can buy these shares. It is said that the decision to sell the shares has not been finalized yet.

Adani Group owns 63 percent of the total shares of Ambuja Cement Company. Adani Group became India’s second largest cement producer overnight by owning shares of Holcim’s Indian assets, Ambuja Cement Company and ACC, based on a $1,500 crore deal.

During the deal, 14 international banks led by Barclays, Standard Chartered and Dutch Bank lent Adani 450 crore dollars.