Ambuja Cements to sell 2% stake in Sanghi Industries to abide with minimum shareholding norm

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Adani Group company Ambuja Cements Ltd, which recently acquired Sanghi Cements, will sell up to 2% equity in the company in a bid to ensure compliance with Minimum Public Shareholding norms. The total equity amounts to 51.66 lakh shares. In a regulatory filing, Ambuja Cements said it will sell the 2% equity in the open market from March 13, 2024, till February 6, 2025, or the actual date of completion of the sale of shares.

The remaining part, 57 lakh equity shares of the promoter group, which is about 2.23% of the company, were acquired separately.

In August 2023, Ambuja Cements acquired a 56.74% stake in the Gujarat-based cement company at an enterprise value of Rs 5,000 crore. In December 2023, Ambuja Cements completed the acquisition of Sanghi Industries Limited (SIL), at an enterprise value of Rs 5,185 crore. Sanghi’s cement factory in the Kutch region of Gujarat is the country’s largest single-location cement and clinker unit by capacity. The acquisition also included a captive jetty and a power plant to help Ambuja smoothly transport the commodity to the coastal parts of Maharashtra, Karnataka and Kerala.

As part of the deal’s completion, Ambuja Cements also executed a trade (in on and off-market trade) to acquire 54.51 per cent of the voting share capital from the promoters of Sanghi Industries. The company said the acquisition of shares is fully funded through internal accruals.

In December, Ambuja Cements also agreed to lend an additional Rs 1,810 crore to Sanghi Industries under an inter-corporate deposit agreement, for the repayment of outstanding amounts in relation to the credit facilities availed by Sanghi. Following the acquisition, Adani Cement’s total capacity – Ambuja Cements and ACC put together, stands increased to 74.6 million tonnes per annum (MTPA) from 68.5 MTPA.

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