Ambuja Cement's promoters want to generate $500 million by selling 2.84% of the firm in a block sale. Holderind Investments, Ambuja Cements' promoter firm, is planned to issue around 69.96 million shares at a minimum price of Rs 600 per share, according to the report.
This sale price is approximately 5% lower than the stock price at the close of trading on Thursday at Rs 632.9 (0.61% intraday gain). The stock has climbed 21.3% in 2024, but has down 8.05% in the last month.
Ambuja Cement has 2.46 billion outstanding shares and a trading float of about 606.8 million shares.
Earlier in the day, media sources stated that the Adani Group is trying to sell up to 5% of Ambuja Cements and Adani Power to reduce its debt of Rs 1.82 trillion. The promoters may raise around Rs 21,000 crore by selling interests in both firms at present rates. At the conclusion of the June quarter, promoters owned 72.71% of Adani Power and 70.33% of Ambuja Cements.
An email submitted to the Adani Group on the matter received no response as of press time.
Adani Power climbed 28.4% in 2024 but dipped 3.44% to Rs 673.85 on Thursday. Ambuja Cements had a total debt of Rs 699 crore, while Adani Power had a debt of Rs 34,616 crore in FY24.
According to Bombay Stock Exchange data, promoter interest in Ambuja Cements increased by 3.59 percentage points to 70.33%, up from 66.74% in the June quarter.
