Adani Group may sell stake in Ambuja Cement in block deal
Adani Group may sell stake in Ambuja Cement in block deal…
gautam Adani's adani Group may sell 2.84 per cent stake in Ambuja Cement in a block deal on Friday, august 23, 2024. The promoter group is preparing to raise Rs 4200 crore through this block deal in Ambuja Cement's stock.
adani Group entity Holderind Investments is preparing to sell 69.96 million shares of Ambuja Cement in a block deal for which a floor price of Rs 600 per share has been fixed. Ambuja Cement's share has been fixed at a 5 per cent discount from Thursday's closing price of Rs 632 per share. Ambuja Cement's market cap is Rs 1.56 lakh crore. Jefferies is the advisor for this block deal. adani Group holds 70.33 per cent stake in Ambuja Cement, in which Holderind Investments holds 50.90 per cent stake. In the year 2022, adani Group bought Ambuja Cement and ACC. adani Cement of adani Group is the second largest cement company in the country which includes Ambuja Cement, ACC and Sanghi Industries. In june this year, Ambuja Cement has also announced the purchase of Penna Cement industries Limited. Ambuja Cement has acquired 100 per cent stake in Penna Cement for Rs 10422 crore. With this acquisition, the annual cement production capacity of Ambuja Cement has increased by 14 million tonnes per annum to 89 million tonnes per annum.
After the Hindenburg Research report came out, there was a big decline in the stock of Ambuja Cement. On january 30, 2023, the stock slipped to Rs 380. But the stock has made a strong comeback from this level. This fall led to an 86 percent jump in the stock and the stock reached Rs 706. In 2024, Ambuja Cement's stock has jumped by more than 16 percent.