• Adani Ports and Ambuja Cements have denied any plans regarding buyback of shares
Adani group companies - Adani Ports and Special Economic Zone Ltd and Ambuja Cements have denied media reports that the companies are planning a buyback of shares worth ₹3,000 crore. Responding to the Exchange's clarification regarding the media reports, both the Adani group companies stated that they are not in a position to comment on the veracity of the said media report.
Responding to the clarification sought by the exchanges, both the Adani group companies said, "We would like to clarify that there is no such plan and hence, we
position to comment on the veracity of the said media report," adding, "We have made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges. "
On 30 January 2023, a leading business website reported that the Adani group is buying back shares in group firms Ambuja Cements and Adani Ports and Special Economic Zones and the buyback of shares would be up to ₹3,000 crore. The report further states that the talks regarding the buyback of the shares are in advanced stage and an announcement in this regard could be made by next week.
This caught the attention of Indian exchanges and they sought clarification from the Adani Group, stating, "Exchanges have sought clarification from Ambuja Cements Limited with reference to a media report dated January 30, 2023 titled 'Adani Group raised ₹3,000 crore Ambuja, APSEZ asked to plan buyback.' The company is requested to submit its clarification to the Exchange in terms of the provisions of Regulation 30 of the SEBI (LODR) Regulations, 2015."
The exchange has also sought a similar clarification from Adani Ports and Special Economic Zone.
Following the Hindenburg Research report on Adani group companies, shares of the entire Adani group have been witnessing a continuous selloff for the last four sessions. The share price of Adani Ports has fallen from around ₹761 to ₹610 per share in four sessions, a decline of around 20 per cent.
