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Adani Ports, Ambuja Cements deny share buyback plan | Mint

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Adani group companies — Adani Ports and Special Economic Zone Ltd and Ambuja Cements have denied media reports that companies are planning ?3,000 crore buyback of shares. While replying to the exchange clarification in regard to the media reports, both Adani group companies said that they are not in position to comment on the veracity of said media report.

Replying to the clarification sought by exchanges, both Adani group companies said, “We would like to clarify that there is no such plan and hence, we are not in a

position to comment on the veracity of said media report,” adding, “We have made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges.”

On 30th January 2023, a leading business website had reported that Adani group is mulling buyback of shares in group firms Ambuja Cements and Adani Ports and Special Economic Zone and the buyback of shares would be to the tune of ?3,000 crore. The report went on to add further that talks in regard to buyback of shares were in advanced stage and announcement in this regard may come by next week.

That attracted attention of the Indian exchanges and they sought clarification from Adani group citing, “The Exchange has sought clarification from Ambuja Cements Ltd with reference to the media report dated January 30, 2023 titled ‘Adani Group said to plan ?3,000 cr Ambuja, APSEZ buybacks.’ 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 sought similar clarification from Adani Ports and Special Economic zone as well.

In aftermath of Hindenburg Research report on Adani group companies, entire Adani group stocks are under sell off heat for last four straight sessions. Adani Ports share price has dipped from around ?761 to ?610 apiece levels, losing around 20 per cent in four sessions.

Similarly, Ambuja Cements share price has dipped from ?499 to ?405 per share levels in last four straight sessions, losing around 20 per cent in this time.

Source: livemint

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