MUMBAI: Billionaire Gautam Adani and his family has infused Rs 8,339 crore into Ambuja Cements, raising their stake in the company to 70.3% from 66.7%.
This marks the last tranche of the Rs 20,000-crore investment the family had planned to infuse in Ambuja Cements after buying the company from Switzerland’s Holcim in 2022. Adanis had acquired about 63.2% of Ambuja Cements in 2022.
In March this year, they had infused Rs 6,661 crore in the company and in Oct 2022, they had put in Rs 5,000 crore. On Wednesday, Ambuja Cements said that Harmonia Trade and Investment, a member of the promoter group, has converted 26.5 crore warrants into equity shares at the rate of Rs 416.9 apiece. On Tuesday, the Ambuja stock had closed at Rs 617 apiece on the BSE. The stock market was closed on Wednesday on account of Ram Navami.
The capital infusion (and a cash flow of Rs 5,000 crore in FY24) will fortify Ambuja Cement’s financial position, helping it to pursue its growth plans as well as capitalise on emerging opportunities in the industry, the company said.
Ambuja Cements plans to accomplish a capacity of 140 million tonnes by 2028 from 78.9 million tonnes. Two days ago, it had announced the purchase of a 1.5 million-tonne cement grinding unit in Tamil Nadu from My Home Group for Rs 414 crore.
Ambuja Cements, the second-largest player after Aditya Birla Group’s UltraTech Cement, also owns majority stakes in ACC and Sanghi Industries. The board of Sanghi Industries is meeting on April 22 to consider a fund-raising proposal.
Ambuja Cements’ Rs 20,000-crore preferential allotment of warrants to the Adani family in 2022 was the largest such transaction in India’s capital market history at that time, trumping the Rs 16,824-crore issuance by Reliance Industries in Oct 2008.
On Wednesday, the board of Ambuja Cements approved the allotment of 26.5 crore equity shares of the company by converting the warrants. Consequently, the Adani family’s stake in Ambuja Cements went up by 3.6% to 70.3%. “With this allotment, the entire 47.74 crore convertible warrants issued to Harmonia, stands converted into equity shares”, said Ambuja Cements.
For more news like this visit TOI. Get all the Latest News, City News, India News, Business News, and Sports News. For Entertainment News, TV News, and Lifestyle Tips visit Etimes
News Related
-
Anurag Kashyap unveils teaser of ‘Kastoori’ Finally, the highly anticipated teaser of the National Award-winning film ‘Kastoori’ launched, offering a glimpse into the compelling tale of childhood in search of the smell of happiness. Directed by Vinod Kamble and presented by acclaimed filmmakers Anurag Kashyap and Nagraj Popatrao Manjule, delves ...
See Details:
Anurag Kashyap unveils teaser of ‘Kastoori’
-
New Delhi: After the overwhelming response to the action-packed trailer of the noir crime drama, ‘Shehar Lakhot’, Prime Video has unveiled intriguing posters featuring the intriguing leads of the series, raising the excitement among the audiences and capturing their attention. The eight-episode drama features interesting and multi-layered characters played by ...
See Details:
Shehar Lakhot: Meet The Intriguing Characters Of The Upcoming Noir Crime Drama
-
Watch: ‘My name is VVS Laxman…’: When Ishan Kishan gave wrong answers to right questions NEW DELHI: With a comfortable 2-0 series lead against Australia in the five-match series, Indian cricketers are chilling it out, having fun, enjoying each others’ company. After Monday’s video of Axar Patel throwing a ‘challenge’ ...
See Details:
Watch: 'My name is VVS Laxman...': When Ishan Kishan gave wrong answers to right questions
-
FILE PHOTO: Tennis – WTA Finals – Cancun, Mexico – November 5, 2023 Belarus’ Aryna Sabalenka in action during her semi final match against Poland’s Iga Swiatek REUTERS/Henry Romero SYDNEY (Reuters) – World number two Aryna Sabalenka and number four Elena Rybakina will open their 2024 seasons at the Brisbane ...
See Details:
Tennis-Sabalenka, Rybakina to open new season in Brisbane
-
-
A view of the under-construction Barapullah flyover near Mayur Vihar on Monday. Work on the third and last phase of the much-delayed Barapullah flyover project will be completed in one year, officials in the Public Works Department said, a week after the lieutenant governor (LG) approved the land transfer for ...
See Details:
Delayed Barapullah work yet to begin despite land transfer
-
Army called in to help in tunnel rescue operation Vertical drilling also starts as part of ‘Plan B’SILKYARA: Personnel from Madras Sappers regiment of the Army’s Corps of Engineers were pressed into service on Sunday to clear the escape passage in the Silkyara tunnel where blades of the auger drilling ...
See Details:
Army called in to help in tunnel rescue operation
-
-
-
-
On October 19, the training institute’s Tecnam P2008JC (single engine) aircraft VT-RBC took off from runway 11 at Baramati with sole occupant on board. The Baramati Taluka Police have lodged a first information report (FIR) against flying training school Redbird Flight Training Academy on Monday, officials said. The Directorate General ...
See Details:
The Judge behind China's financial reckoning
-
-
-
On October 19, the training institute’s Tecnam P2008JC (single engine) aircraft VT-RBC took off from runway 11 at Baramati with sole occupant on board. The Baramati Taluka Police have lodged a first information report (FIR) against flying training school Redbird Flight Training Academy on Monday, officials said. The Directorate General ...
See Details:
'Gurdwaras are...': US Sikh body on Indian envoy's heckling by Khalistani backers
OTHER NEWS
In a greeting from 10 Downing Street on the occasion of Guru Nanak Jayanti, British Prime Minister Rishi Sunak mentioned his Punjabi Indian origin, news agency PTI reported. The 43-year-old ...
Read more »
This report is the second of a three-part series on recent Indian engagement in the Latin American and Caribbean (LAC) region. New Delhi: The US’ decision last month to ease ...
Read more »
Rajshri Deshpande dedicates OTT award to innocent lives lost in Gaza, Palestine Actor and social worker Rajshri Deshpande won the Best Actor, Series (Female) award for Netflix’s ‘Trial By Fire’. ...
Read more »
‘Ramchandra Keh Gaye…’: From Jan 1, RSS to Spread Word of God, Ayodhya Inauguration Among 10 Crore People In its effort to take the Ram Janmabhoomi message to households across ...
Read more »
Ace designer Rohit Bal critical, on ventilator: report Celebrated fashion designer Rohit Bal is in critical condition and is on ventilator support, HT City reported, quoting sources. He has been ...
Read more »
Bengaluru: Traffic Advisory Issued, Parking Restrictions In Place As Samyukta Horata Samiti Holds Protest | Details The Bengaluru Traffic Police has issued a traffic advisory for November 27 and 28 ...
Read more »
vistara flights diverted due to air congestion at delhi airport | details Delhi: Two Vistara flight has been diverted to Lucknow and Jaipur due to bad weather and air congestion ...
Read more »
