Major Financial News - 21-09-2022
ACC/Ambuja Cements: Billionaire Gautam Adani’s group pledged shares valued at about $13 billion in two Indian cement firms just days after it completed the from Holcim Ltd., reflecting the world’s second-richest person’s hunger for capital as his ports-to-power conglomerate expands rapidly. Stakes in two of those companies -- about 57% of ACC Ltd. and 63% in Ambuja Cements Ltd. -- have been *encumbered* “for the benefit of certain lenders and other finance parties," according to *separate filings* made to Indian stock exchanges by *Deutsche Bank AG’s Hong Kong branch.*
Yes Bank:
Private lender Yes Bank's board has approved the transfer of stressed assets worth ₹48,000 crore to private equity firm JC Flowers.
Yes Bank will also pick up a 19.99% stake in the ARC, subject to regulatory approvals, the lender said in a BSE filing.
The Yes Bank board has approved JC Flowers as the winner of the Swiss Challenge process.
The decision follows a Swiss Challenge auction where the bank didn't receive any competing bids against base bidder JC Flowers ARC.
Have a Great Day ahead....
Take care
Biswajit Roy
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