Adani sold 2.8% of Ambuja Cements, raising ₹4,200 crore. The stock surged 4%. Ambuja to acquire Penna Cement.
On Friday, Gautam Adani’s company sold about 2.8% of its stake in Ambuja Cements through a pre-market deal worth ₹4,200 crore. This sale caused Ambuja Cements’ stock to jump 4% to ₹659.70 at the start of trading.
The Adani Group sold 69.96 million shares at ₹600 each, which was 5% less than the previous day’s closing price of ₹633. The Adani Group now owns 70.33% of Ambuja Cements, with Holderind Investments holding 50.90% of the company.
Adani Sells 2.8% Stake in Ambuja Cements for ₹4,200 Crore, Shares Surge 4%
Since October 2023, Adani has invested around ₹20,000 crore in Ambuja Cements through new share purchases, increasing their stake. This included ₹15,000 crore earlier this year and ₹5,000 crore in October 2022.
Ambuja Cements to Acquire Penna Cement for ₹10,422 Crore as Adani Sells Stake and Increases Investment
Recently, Ambuja Cements announced it will buy Penna Cement for ₹10,422 crore. This deal will boost its capacity and market share in southern India. With this acquisition, Adani Cement plans to increase its market share in the south by 8-15% and improve its national market share by 2%. The Adani Group also plans to bring all its cement businesses under one management in the near future.
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