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BENGALURU (Reuters) - An Adani Group-owned company is selling shares worth $500 million in Ambuja Cements, according to a term sheet seen by Reuters on Thursday.
The holding company, Holderind Investments, is selling a 2.84% stake in the cement company on Friday, with the floor price of the sale set at 600 rupees per share.
The sale is at a 5% discount to Thursday's closing price of 631.8 rupees.
Adani Group had a 70.33% stake in Ambuja as of June 30, according to exchange data. Holderind's stake of 50.9% stake in the cement-maker makes up for a majority of Adani Group's shareholding in the company.
Billionaire Gautam Adani's flagship firm Adani Enterprises is likely to launch a $1 billion share sale by mid-September, Reuters reported earlier this month.
(Reporting by Varun Hebbalalu and Jayshree P Upadhyay; Editing by Anil D'Silva)