Ambuja Cements Limited, the Adani Group company, informed the stock exchanges September 22 that it has acquired three wholly-owned subsidiary companies namely, Lotis IFSC Private Limited, Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited in order to carry business in aircraft and cement sectors.
Ambuja Cements Limited said it has incorporated its wholly-owned subsidiary Lotis IFSC Private Limited to carry out the business of owning and leasing of aircraft. The company also said the incorporation of its subsidiaries Ambuja Concrete North Private Limited, and Ambuja Concrete West Private Limited, has been done to enhance the company's presence in the cement sector and for carrying out the business of manufacturing and dealing in cement, RMX and allied products and by-products.
All the three wholly-owned subsidiaries of Ambuja Cements Limited are yet to commence business operations, the stock exchanges filing stated.
According to the filing, the authorised and paid-up share capital of Lotis IFSC is worth Rs 1.7 crore comprising 1700000 equity share of Rs 10 each. And, the authorised and paid-up share capital of each of Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited is Rs 1 lakh comprising 10000 equity share of Rs 10 each.
Lotis IFSC Private Limited and Ambuja Concrete North Private Limited are incorporated in GIFT City, Gandhinagar, Gujarat, and were registered on September 14, 2023. And, Ambuja Concrete West Private Limited was incorporated in GIFT City, Gandhinagar, Gujarat, and was registered on September 18, 2023.
Ambuja Cements owns 100 percent equity in the three wholly-owned subsidiaries.
The Adani group-owned entity Ambuja Cements was in the news last month when it announced that its open offer to acquire 26 percent equity from the public shareholders of Gujarat-based cement maker Sanghi Industries would commence from September 29. According to the Draft Letter of Offer, Ambuja Cements would buy 26 percent equity shares of Rs 10 each of Sanghi Industries from its public shareholders for a price of Rs 114.22 apiece. The offer would be worth up to Rs 767.16 crore. If the open offer is fully subscribed, Ambuja Cements will own 82.74 per cent of Sanghi Industries Ltd. Prior to this open offer, Ambuja Cements announced a deal to acquire 56.74 percent stake in Sanghi Industries from its existing promoter group - Ravi Sanghi & family.
Ambuja Cement reported a net profit of Rs 645 crore for the April-June quarter of FY24, lower by 38 percent reported a year ago.
Shares of Ambuja Cements on September 22 closed at Rs 420.35 on BSE, down 1.31 per cent from the previous close.
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