According to reports, which cited persons familiar with the situation, Gautam Adani is looking to sell a stake in Ambuja Cement for roughly $450 million. Adani on Thursday formally asked foreign lenders to approve the sale of 4% to 5% of his cement company, Ambuja.

Last year, the troubled Adani Group made its largest-ever acquisition when it paid $10.5 billion for the Indian cement companies Ambuja Cements and ACC Ltd. owned by Holcim AG.

Adani’s most recent action comes as the company attempts, in the wake of a damning US short-seller report, to restore investor confidence and ease concerns about its debt by prepaying loans.

The group has refuted the allegations made in Hindenburg Research’s research, which accused it of stock manipulation and inappropriate use of tax havens as well as flagging “substantial” debt levels.