Shares of Ambuja Cements surged over 3% after Adani Group is set to sell 2.76% stake in the company for ₹4,251 Crore.
Ambuja Cements Ltd witnessed significant block deal amounting to ₹4,251 crore on Friday, August 23, as the Adani Group likely offloaded a 2.76% stake in the company. A total of 6.8 crore shares, representing a 2.76% stake in the company, were traded in the block deal, as per data from the exchanges. The shares were exchanged at an average price of ₹625.5 each, bringing the total transaction value to approximately ₹4,251 crore.
As of the end of June, Holderind Investments held 50.90% of Ambuja Cements, with a total of 1,25,31,56,361 shares. Combined, the three promoter entities of Ambuja Cements owned 70.33% of the company.
Ambuja Cements shares have experienced a 7.5% decline in the past month, though they remain up by 20% for 2024.
Earlier this year, the promoters infused ₹15,000 crore into Ambuja Cements through two tranches in March and April, fully subscribing to the warrant program. Since acquiring Ambuja Cements in September 2022, the promoters have invested a total of ₹20,000 crore into the company.
The acquisition of Penna Cement has boosted Ambuja Cements and its subsidiaries, raising the Adani Group’s cement production capacity to 89 MTPA. The group now operates 22 integrated cement manufacturing plants and 21 cement grinding units across India. According to a Reuters report, Adani Enterprises, Gautam Adani’s flagship firm, is likely to launch a $1 billion share sale by mid-September.
As of 9:15 am the shares were trading 3.45% at ₹653.60 on NSE.
