Adani Group-owned entity Ambuja Cements on Friday (March 22) sold a 2% stake in Sanghi Industries Ltd for ₹258.32 crore to achieve minimum public shareholding. With this, Ambuja Cements’ stake in Sanghi Industries has come down to 60.44% from 62.44%.
In August last year, Ambuja Cements acquired a 56.74% stake in the Gujarat-based cement company at an enterprise value of ₹5,000 crore. The remaining 57 lakh equity shares of the promoter group, representing 2.23% of the company, were acquired separately.
It then began the process of acquiring another 26% stake via an open offer. In December, it revised the open offer price higher to ₹121.9 per share from ₹114.22.
Sanghi’s cement factory, located in Gujarat’s Kutch region, is the country’s largest single-location cement and clinker unit by capacity, according to a statement from Ambuja.
The acquisition also included a captive jetty and a power plant to help Ambuja smoothly transport the commodity to the coastal parts of Maharashtra, Karnataka and Kerala.
The Adani Group bought Ambuja and ACC for $10.5 billion in June last year while the deal to acquire Sanghi is its first significant action in the space since then.
Shares of Sanghi Industries Ltd ended at ₹88.25, up by ₹0.35, or 0.40%, on the BSE.
