New Delhi: The proprietors of Sanghi Industries, Ravi Sanghi, and the Adani group company Ambuja Cements will sell their 3.52 percent ownership in the cement maker situated in Saurashtra, Gujarat.
According to a regulatory filing made by Sanghi Industries on Tuesday night, the Offer-for-Sale (OFS) will open for non-retail investors on Wednesday and for retail investors on Thursday.
"Ambuja Cements and Ravi Sanghi (the seller/promoters) propose to sell up to 90,92,000 equity shares of Sanghi Industries representing 3.52 percent of the total issued and paid-up equity share capital of the company," it stated.
Sanghi Industries' shares, in which the Adani group company Ambuja Cement purchased the controlling shareholding last year, were trading at Rs 102.35 in morning dealings on the BSE, up 0.09 percent.
Based on the current market price, this OFS is expected to bring in Rs 93.05 crore. Sanghi Industries' stock reached its highest point in the previous year on January 15, 2024, at Rs 151.85.
"The offer shall take place over two trading days on a separate window of the stock exchanges on June 26, 2024, and June 27, 2024, from 9:15 a.m. to 3:30 p.m. (Indian Standard Time) on both days," it stated.
As of March 30, 2024, Ambuja Cements owned 60.44 percent of Sanghi Industries, while Ravi Sanghi held a 2.10 percent share.
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