Ahmedabad, 1 February 2023, We have come across reports from various market sources with respect to Ambuja and our subsidiary ACC Ltd (ACC) claiming that shares of both Ambuja and ACC are pledged by Promoters as a part of the acquisition financing. Consequently, there are market rumors that amid market volatility, there is a requirement to meet the top-up triggers where in there is selling pressure.

We would like to clarify that none of the shares of Ambuja or ACC have been pledged by Promoters. The Promoters have only provided non-disposal undertaking and accordingly, there is no requirement of providing any top-up of shares of Ambuja and ACC or cash top up under the acquisition financing raised last year.

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