On March 26, shares of Adani Group-owned Ambuja Cements were trading in green after it sold 51.66 lakh equity shares of Sanghi Industries, which represents around two percent of the paid-up equity of the firm. The stake was offloaded by Ambuja Cements through open market transactions in order to comply with the minimum public shareholding norms.
With this, Ambuja Cements shareholding in the company came down to 60.44 percent, from 62.44 percent earlier.
At 9.50 am, Ambuja Cement shares were in the green, higher by 0.35 percent, at Rs 591.4 apiece. On intraday basis, the shares gained more than one percent. Sanghi Industries stock was up 1.64 percent at Rs 89.9 per share.
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Last August, Ambuja Cements purchased a 56.74 percent stake in the Gujarat-based cement firm for an enterprise value totaling Rs 5,000 crore. Additionally, the promoter group's remaining 57 lakh equity shares, equivalent to 2.23 percent of the company, were bought in a separate transaction.
Further, Ambuja Cements decided to acquire an additional 26 percent stake through an open offer. In December 2023, Ambuja Cements announced the completion of the acquisition of Sanghi Industries at a revised offer price of Rs 121.90 per share from Rs 114.22.
On February 21, Ambuja Cements said it plans to invest Rs 1,000 crore to set up a cement grinding unit in Godda district of Jharkhand. The new 4 Million Tonne Per Annum (MTPA) cement grinding unit would be set up after requisite approvals.
Over the past six months, shares of Sanghi Industries have tanked over 23 percent. On the other hand, Ambuja Cement's stock has risen about 35 percent during the same time period.
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