The Adani Group may soon experience a significant financial relief related to the refinancing of a loan originally taken for Ambuja Cements. Reports from trusted sources suggest that the necessary internal approvals for this loan have already been secured from the banks. The consortium of banks is contemplating the refinancing of a loan amounting to $3.5 billion. It’s noteworthy that this massive loan was procured by the Adani Group for the acquisition of Ambuja Cements.
Recent data shared with the exchange indicates that the stake of promoters in Adani Ports has increased. In the quarter spanning July to September, promoters made substantial share purchases. During this period, their shareholding surged by 2.64%, contrasting with their stake of 61.03% in the March quarter.
Notably, the domestic brokerage firm, Motilal Oswal, has released a report on Adani Ports’ share price. This reputable brokerage firm has given a ‘buy’ recommendation for the share, setting a target price at 1,010 rupees per share. Based on the closing price of 9th October, this suggests an anticipated bullish uptrend of nearly 28% for the stock.
In terms of share prices for the mentioned companies, Ambuja Cements’ share price on the BSE saw an uptick of 1.63%, closing at 437.05 rupees, while Adani Ports’ shares closed at 819.20 rupees, marking a rise of 3.71%.
