Shares of Sanghi Industries slumped around 6 percent in opening trade on June 26 after the company announced that its promoters Ambuja Cements and Ravi Sanghi will sell up to 3.52 percent stake in the company through an offer for sale (OFS).
At 09.19 am, shares of Sanghi Industries were trading at Rs 98.45 on the NSE.
The OFS is scheduled for June 26-27 and will be executed at a floor price of Rs 90 per share, implying a near 12 percent discount to the cement company's previous closing level of Rs 102.
The OFS will open for non-retail investors on June 26 and retail investors on June 27, the company stated in an exchange filing.
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Through the offer-for-sale, Ambuja Cements will trim around 2.36 percent stake, or 60.92 lakh shares while former chairman and managing director Ravi Sanghi will offload 30 lakh shares, or a 1.16 percent equity of the company.
Previously in March of this year, Ambuja Cements expressed its intention to divest up to 2 percent stake in Sanghi Industries to meet with the minimum public shareholding norms. Following this announcement, the Adani-group company offloaded 51.66 lakh shares of Sanghi Industries, making up around two percent equity of the firm to comply with the shareholding norms.
Post the dilution, Ambuja Cements' shareholding in the cement company came down to 60.44 percent as against 62.44 percent earlier.
Ambuja Cements completed the acquisition of Sanghi Industries in December 2023, at a revised enterprise value of Rs 5,185 crore.
Also Read | Sanghi Industries OFS: Ambuja Cements, Ravi Sanghi to offload 3.52% stake at floor price of Rs 90 per share
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