Mumbai, Aug 23 (SocialNews.XYZ) The shares of Ambuja Cements, part of the diversified Adani Portfolio, gained in morning trade on Friday after a promoter entity likely divested Rs 4,197.8 crore worth stock at the floor price.
Holderind Investments, a company owned by billionaire Gautam Adani and his family, likely divested 2.84 per cent of the equity, valuing the deal at Rs 4,197.8 crore at the floor price.
The transaction is part of a strategic group portfolio management move aimed at diversifying the shareholder base and attracting long-only investors, particularly those interested in infrastructure assets.
Holderind sold approximately 6.99 crore shares at a floor price set at Rs 600 per share, reflecting a 5 per cent discount to the last close price on the NSE.
The shares will be subject to a 60-day lock-up period, excluding transfers to another promoter or promoter group members, with the lock-up continuing in the hands of the transferee.
Ambuja Cements’ stock has risen 43 per cent in the last 12 months and 22 per cent on a year-to-date basis.
Earlier this month, Ambuja Cements announced to invest Rs 1,600 crore to set up a 6 MTPA cement grinding unit in Bihar. Aimed at boosting infrastructure, the Warisaliganj Cement Grinding Unit is likely to contribute approximately Rs 250 crore per year to the state’s fiscal revenue and create 250 direct and 1,000 indirect jobs for the state.
The cement and building materials major reported sustainable quarterly results for the April-June quarter, with operating EBITDA at Rs 1,280 crore and PAT at Rs 790 crore. The operating cost was improved by 3 per cent (year-on-year) at Rs 4,437 PMT, said the flagship of the diversified Adani Group.
The company recently announced the acquisition of Hyderabad-based Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.
Source: IANS
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