New Delhi: Gautam Adani's conglomerate sold about 2.8 pc of its stake in Adani Group company Ambuja Cements in a pre-market block deal worth approximately Rs 4,200 crore on Friday. The cement stock, rising approximately 22 pc year-to-date, surged 4 pc to reach the day's peak of Rs 659.70 during the morning session due to a significant transaction.
As per the banker's term sheet, Holderind Investments, a subsidiary of the Adani Group, planned to sell 69.96 million shares at a minimum price of Rs 600 each, which is 5 pc lower than the closing price of Rs 633 on Thursday. The Adani Group owns 70.33 pc of Ambuja Cements, while Holderind Investments holds 50.90 pc.
From October 2023, the Adani Group has put in roughly Rs 20,000 crore into the company by subscribing to warrants, raising their overall ownership to 70.33 pc. Out of this total amount, Rs 15,000 crore was invested earlier this year, and another Rs 5,000 crore was invested in October 2022.
Ambuja recently revealed the purchase of Penna Cement, a company based in Hyderabad, for Rs 10,422 crore. This acquisition will increase Ambuja's capacity and market share in southern India. By acquiring Penna, Adani Cement plans to quickly increase its capacity and aims to boost its market share in southern India by 8 pc to 15 pc, as well as improve its nationwide market share by 2 pc. Reports suggest that the Adani Group is aiming to bring all its cement companies together under one leadership in the near future.
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