Adani group companies Ambuja Cement Ltd and ACC Ltd on Thursday stated no shares of the businesses have been pledged by the promoters, who’ve solely offered a “non-disposal endeavor”.

In a joint assertion to inventory exchanges, Ambuja Cement Ltd and ACC Ltd termed as “deceptive” experiences of pledging of shares by the promoters as a part of financing their acquisition.

“Consequently, there are market rumours that amid market volatility, there’s a requirement to satisfy the top-up triggers the place in there’s promoting strain,” the assertion stated.

“We wish to make clear that not one of the shares of Ambuja or ACC has been pledged by Promoters. The Promoters have solely offered a non-disposal endeavor and accordingly, there isn’t a requirement of offering any top-up of shares of Ambuja and ACC or money top-up below the acquisition financing raised final yr,” it added.

This comes a day after Adani Group cancelled the Rs 20,000-crore Comply with-on Public Supply (FPO) of Adani Enterprises.

Earlier on Thursday, billionaire Gautam Adani stated the choice to withdraw the totally subscribed FPO of the flagship agency of his group was primarily due to volatility available in the market.

The basics of the corporate are robust, Adani asserted.

Adani Group shares have misplaced over USD 100 billion in worth since a US-based quick vendor made damning allegations of inventory manipulation and accounting fraud, which have been denied by the conglomerate.

Adani Enterprises Ltd’s Rs 20,000 crore follow-on public provide managed to get buyers on the final day of the share shut on Tuesday. Late on Wednesday, the corporate determined to withdraw the FPO and refund the buyers.

Adani had acquired the 2 cement companies — Ambuja and ACC — by a Mauritius-based SPV Endeavour Commerce and Funding Ltd (ETIL), which is owned by Xcent Commerce and Funding Ltd (XTIL).

Adani Group has encumbered its 63.15 per cent stake in Ambuja Cements and 56.7 per cent stake in ACC (of which 50 per cent is held by Ambuja) to the Hong Kong Department of Deutsche Financial institution AG.