Sanghi Industries' promoter Ambuja Cements and Ravi Sanghi will sell up to 3.52 percent stake in the company via offer for sale (OFS) on June 26-27, 2024, the company said in a stock exchange filing on June 25.
Floor price for the OFS has been fixed at Rs 90 per share, which implies a nearly 12 percent discount on Sanghi Industries' current market price of Rs 102.
The OFS will open for non-retail investors on June 26 and retail investors on June 27, the exchange filing said.
Ambuja Cements will offload a total of 60,92,000 shares, accounting for 2.36 percent stake, while Ravi Sanghi, the former chairman and managing director of the company, will sell 30,00,000 shares, or 1.16 percent of the company.
Monarch Networth Capital Limited has been listed as the broker for the OFS.
On March 12 this year, Ambuja Cements had announced that it intends to divest up to 2 percent stake in Sanghi Industries to comply with minimum public shareholding norms.
"Ambuja Cements Limited, the promoter of the Company have conveyed to us, their intention to sell the equity shares to enable us to comply with minimum public shareholding norms," said Sanghi Industries had in a stock exchange filing.
Later on March 26, the company sold 51.66 lakh equity shares of Sanghi Industries, which represents around two percent of the paid-up equity of the firm, to comply with the shareholding norms.
Following the move, Ambuja Cements' shareholding in the company came down to 60.44 percent as against 62.44 percent earlier.
In December 2023, billionaire Gautam Adani-owned Ambuja Cements had announced the completion of acquisition of Sanghi Industries Limited (SIL), at a revised offer price of Rs 121.90 per share.
Ambuja Cements in a separate statement informed that it "successfully completes acquisition of Sanghi Industries, funded entirely through internal accruals" at an enterprise value of Rs 5,185 crore. "With the acquisition funded entirely through internal accruals, ACL holds a controlling stake of 54.51 per cent in SIL," it said.
The deal also saw the production capacity of ACL, which also owns ACC Ltd, increase from 68.5 to 74.6 million tonnes per annum.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!