Adani pledges shares valued at 13 bn

Billionaire Gautam Adani's group pledged shares worth about $13 billion in two Indian cement companies just days after it completed its acquisition of Holcim, a reflection of the world's second-richest person's appetite for capital as his port conglomerate is expanding rapidly.

Interests in two of those companies - approximately 57% of ACC and 63% in Ambuja Cements - are encumbered "for the benefit of certain lenders and other financial parties," according to separate filings filed by Deutsche Bank AG with Indian exchanges. branch in Hong Kong.

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