Adani The family on Thursday announced an investment of Rs 6,661 crore in Ambuja Cements. With this, its stake in the country’s second largest cement company has increased by 3.6 percent to 66.7 percent. Ambuja Cements, owned by industrialist Gautam Adani, said in a statement, ‘This investment will be important for the cement business of the Adani Group, which plans to increase its capacity to 140 million tonnes per annum by 2028. Earlier, promoter Adani Family had invested Rs 5,000 crore in the company through the issue of warrants approved by the board of directors in October 2022.
Adani’s stake in the company increased to 66.7%
Ambuja Cements also has a controlling stake in another cement company, ACC Limited. The company said in a statement, “With this, the Adani family’s stake in the company has increased by 3.6 percent to a total of 66.7 percent.” Ambuja Cements Chief Executive Officer (CEO) Ajay Kapoor said the investment will help in achieving “accelerated growth, capital management initiatives etc”. “This is not only a testament to the strong belief we have in our vision and business model, but also reinforces our commitment to deliver long-term sustainable value creation for our stakeholders,” he said. This will motivate us to set new standards to accelerate our growth and continue to improve operations. ,
stock surged
Ambuja Cement shares were seen trading with gains on Thursday afternoon. The company’s share (Ambuja Cements Share) was seen trading at Rs 614.25 with a gain of 2.09 per cent or 12.55 points on BSE. The 52 week high of this share is Rs 624.55. Whereas, 52 week low is Rs 358.20. The market cap of the company reached Rs 1,21,938.47 crore on BSE on Thursday afternoon.
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