Adani family on Wednesday infused an additional Rs 8,339 crore in Ambuja Cements, raising its stake to 70.3 per cent. This takes the total kitty to Rs 20,000 crore under the warrants program.
This follows, an investment of Rs 5,000 crore on 18 October 2022 and Rs 6,661 crore on 28 Mar 2024, which was for part issuance of the shares.
The move will help Ambuja accelerate its growth ambitions to almost double its existing capacity to 140 MTPA by 2028. Ambuja is poised to deliver long-term sustainable value creation with enhanced capacity addition and continue to achieve operational excellence, business
synergies and cost leadership, the company said in an exchange filing.
The strategic infusion underscores unwavering commitment to have robust capital management philosophy for the portfolio companies and the latest investment testifies the commitment by Adani family to boost future prospects and potential of cement vertical, the cement firm said.
Further, it shall also enable various strategic initiatives including debottlenecking capex to enhance operational performance, as well as bringing efficiencies across resources, supply chain, the filing further noted.
“We are thrilled to announce completion of Adani family’s primary infusion of Rs 20,000 crore in Ambuja,” said Ajay Kapur, Whole Time Director and CEO, Ambuja Cements Ltd. “This infusion of funds provides Ambuja, capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength. It is not only testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value creation to our stakeholders and this shall propel us towards setting new benchmarks accelerating our growth and continue to deliver on operational excellence, business synergies and cost leadership.”
Barclays Bank PLC, MUFG Bank, Mizuho Bank and Standard Chartered Bank acted as advisor for the transaction.
