Releasing a joint statement to the stock exchanges, both Ambuja Cement Ltd and ACC Ltd termed as misleading reports of pledging of shares by the promoters as part of financing their acquisition.
Ambuja Cements, now controlled by billionaire Gautam Adani-led Adani Group, on Wednesday said it has pledged 50.5 per cent shareholding in its subsidiary ACC Ltd as "collateral for loans taken by the company".