At close, the Sensex was down 502 points or 0.6 percent at 80,182, and the Nifty was down 137 points at 24,198. About 1,379 shares advanced, 2,456 shares declined, and 92 shares remained unchanged.
In December 2023, Ambuja Cements said it had completed the acquisition of Sanghi Industries Limited at an enterprise value of Rs 5,185 crore.
Ambuja Cements board also approved merger of Penna Cement Industries with itself
Through the offer-for-sale, Ambuja Cements will trim around 2.36 percent stake while Ravi Sanghi will offload a 1.16 percent equity in Sanghi Industries.
UltraTech Cement, Mahindra & Mahindra Financial Services, RattanIndia Enterprises, Adani Ports and Special Economic Zone, SMC Global Securities, GlaxoSmithKline Pharmaceuticals, and Zee Entertainment will also be in focus on Wednesday.
The OFS, which will be listed at a discount of 12 percent, will open for non-retail investors on June 26 and retail investors on June 27, the exchange filing said.
Ambuja Cements offloaded a 2 percent stake in Sanghi Industries to comply with the minimum public shareholding norms.
Concern among minority shareholders about the Master Supply and Service Agreement proposed by Ambuja Cements is the main reason for the fall in share prices. They believe Sanghi Industries’ control on profitability will be limited under the agreement.
Investors in Grasim Industries and Tourism Finance Corporation further continued share sale in these companies.
Sanghi Industries signed a contract with Ambuja Cements to supply its entire production to Ambuja and ACC at a fixed 10 percent markup over the production cost.
The move is expected to make the company EBITDA positive.
According to Jefferies, after acquisition, Ambuja's capacity stands at 74.6 MTPA. The company is also set to increase capacity to around 100-110 mtpa By FY26/FY27
As per the bulk deals data available on the exchanges, Fireside sold 60.88 lakh shares in Honasa at an average price of Rs 378 per share
As per the share purchase agreement, it acquired 14.08 crore shares of Sanghi Industries from the promoters at a price of Rs 121.90 per equity share.
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The Adani-group owned cement major expects the acquisition of Sanghi Industries to enable it to increase its aggregate cement production capacity by 9 percent to 73.6 million tonne per annum.