Latest Business, Finance, and Share Market News as of 10:00 am on April 12, 2024

Adani Group in Talks with Banks to Raise $750 Million for Ambuja Cements Warrants Conversion

In today’s latest business news, Adani Group is in discussions with banks to secure nearly $750 million or Rs 6,200 crore to fund the conversion of warrants allotted by Ambuja Cements. The deadline for the payment is set for April 18, and the Adani family is working towards meeting this financial obligation.

Ambuja Cements had previously allocated 477.4 million convertible warrants to Harmonia Trade and Investment, a part of the Adani family, back in October 2022. While an upfront payment of Rs 5,000 crore was made at the time, the remaining Rs 15,000 crore was to be paid within 18 months. As of March this year, the family has already paid Rs 6,661 crore towards this amount. Once the warrants are converted into shares, the promoters’ shareholding will increase from 66.7% to 70.3%.

In other news, the government has expanded the scope of market surveys aimed at re-identifying the items most frequently consumed by Indians to reconstitute the consumer price index. This initiative involves conducting surveys in more physical markets and potentially including over 320 items in the new index, compared to the current 299. The goal is to keep retail inflation within the range of 4+/-2%.

Additionally, net cash accretion in Pradhan Mantri Jan Dhan Yojana bank accounts reached a record high in the last fiscal year, with average cash deposits per account also seeing an increase. The total balance in these accounts has grown significantly, reflecting the continued success of the financial inclusion program.

Overall, these developments in the business and economic landscape highlight the ongoing efforts to strengthen the financial sector and support economic growth in the country.