Industrialist Gautam Adani’s family has invested an additional Rs 8,339 crore in Ambuja Cements. With this his stake in the company increased to 70.3 percent. This move is expected to boost the manufacturing capacity of the cement company. The company said in a statement that the Adani family had earlier invested Rs 5,000 crore in the company on October 18, 2022 and Rs 6,661 crore on March 28, 2024. With this latest investment it has completed its Rs 20,000 crore plan.
Total investment of Rs 20,000 crore
The statement said, ‘The company’s promoter Adani family has fully subscribed to the warrant program by investing Rs 8,339 crore in the company. The total investment is Rs 20,000 crore.” With the latest investment, the Adani family’s stake in Ambuja Cement has increased by 3.6 percent. Overall, its stake in Ambuja Cement has increased from 63.2 percent to 70.3 percent. Adani Group had entered the cement sector in the year 2022 by signing a deal worth US $ 10.5 billion to buy Ambuja and ACC from Swiss company Holcim.
Money will be useful for growth
Ambuja Cements Ltd. Ajay Kapoor, Chief Executive Officer (CEO), said, “We are excited to announce the completion of the Adani family’s initial investment of Rs 20,000 crore in Ambuja. This investment provides Ambuja with strong balance sheet and capital for rapid growth.” Barclays Bank PLC, MUFG Bank, Mizuho Bank and Standard Chartered Bank acted as advisors for the transaction. .
The market cap of the company is Rs 1,22,514.31 crore.
Shares of Ambuja Cement had closed at Rs 617 on Tuesday with a gain of 1.68 per cent or Rs 10.20. The 52 week high level of this share is Rs 640.95. Whereas, 52 week low level is Rs 373.30. The market cap of the company closed at Rs 1,22,514.31 crore on BSE on Tuesday.
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