On August 23, several block agreements comprising a total interest of Rs 4,251 crore in Ambuja Cements were executed on the markets, with the promoter group firm Holderind Investments acting as the potential sellers. On the NSE, Ambuja Cements shares were trading roughly 3% higher at Rs 650.20 as of 09.23 a.m.
Around 6.8 lakh shares, representing a 2.76 percent interest in the cement company, changed hands at a floor price of Rs 625.5 per. While Moneycontrol could not immediately identify the parties involved in the transaction, we reported on August 22 that Adani Group-owned Holderind Investments was looking to sell a 2.84 percent share in the company for $500 million.
As per a credible source, the block deal will trigger a 60-day lock-in period on any future stake sales. The acquisition is most likely part of a strategic group portfolio management exercise aimed at diversifying the shareholder base and attracting long-term investors, particularly those that specialize on infrastructure assets. The promoter group together owns 70.33 percent of Ambuja Cements, with Holderind Investments Ltd accounting for 50.90 percent.
Since October of last year, the Adani Group has invested close to Rs 20,000 crore in the company through warrant subscriptions, bringing its total shareholding to 70.33 percent. Of this investment, Rs 15,000 crore was pumped earlier this year, while Rs 5,000 crore was poured in October 2022.
With a combined production capacity of 78.9 million tonnes, Adani's cement ownership, which makes it the second-largest cement producer in India, includes Ambuja Cements, ACC, and Sanghi Industries.
