Ambuja Cements 2.76% equity of Ambuja Cements changes hands at Rs 625.5 per share
Mumbai/IBNS: As many as 6.8 crore shares, or 2.76 percent equity, of Indian cement production major Ambuja Cements changed hands in the block deal window on Friday (August 23), reports said.
According to a report by CNBC-TV18, the deal took place at an average price of Rs 625.5 per share, and the transaction was worth Rs 4,251 crore.
The large trade was on expected lines as news reports suggested that the Adani family was planning to sell around 3 percent stake in the company, as per reports.
The stock was trading at Rs 639.45, up 1.03 percent, on the BSE at 10:51 am on Friday.
As per media reports, the Adani Group, in March 2024, infused Rs 6,661 crore in Ambuja Cements by converting 21.20 crore warrants into shares, raising its stake in India's second-largest cement company by 3.6 percent to 66.7 percent.
Ambuja Cements' board approved the conversion of 21.20 crore warrants into shares of promoter entity Harmonia Trade and Investment at the rate of Rs 314.15 per share.
Earlier in 2022, Adani Group announced the acquisition of Holcim's stake in Ambuja Cements and ACC.
Recent media reports also suggest that the Adani family may look at selling a small shareholding of between 0.5 percent and 3 percent in Adani Power.
According to a report by NDTV Profit, the transaction is part of a strategic group portfolio management move aimed at diversifying the shareholder base and attracting long-only investors, particularly those interested in infrastructure assets.
Upstox reported that the shares will be subject to a 60-day lock-up period, excluding transfers to another promoter or promoter group members, with the lock-up continuing in the hands of the transferee.
Media reports earlier said that promoters will sell about 7 crore shares, or 2.84 percent, in the cement manufacturer for Rs 4,198 crore, while the offer price was set at Rs 600 per share, which was a 5 percent discount to Thursday's (August 22) closing price of Rs 632.90 on BSE.
The Gautam Adani-led promoter group holds shares worth $125 billion across the 10 listed companies of the conglomerate, according to reports.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
