Ambuja Cements, a part of the Adani diversified portfolio, sees shares intraday in the green on Friday after the per-share price of Rs 4,197.8, was revealed as the floor price at which an entity could divest its holding.
Holderness Investments Ltd, a company owned by billionaire Gautam Adani and his family, is said to have offloaded 2.84 per cent of its equity, making the deal size close to about Rs 4,197.8 crore based on the floor price.
This is one of the series of broader strategic portfolio management efforts that are being made with the broader concerned issue- equity diversification to the shareholder base and drawing long-term investors, more specifically for infra play.
Holderind offloaded around 6.99 crore shares at a floor price of Rs 600 a piece—that is, at a 5% discount on the previous day's closing price on the NSE.
There will, however, be a lock-in of the shares for 60 days except for the transfer of shares to another promoter or to members of the promoter group, where a further lock-in shall continue.
Over the last 12 months, shares of Ambuja Cements have surged by 43 percent, year-to-date by 22 percent.
Earlier in the month, Ambuja Cements announced an investment of Rs 1,600 crore for the new cement grinding unit of 6 MTPA in the state of Bihar. The proposed Warisaliganj Cement Grinding Unit will not only establish an additional fiscal revenue for the state to the tune of Rs 250 crore per annum but further increase the direct and indirect employment opportunities with 250 direct and 1,000 indirect.
The cement and building material major has announced decent results for the three months ended June, with operating EBITDA at Rs 1,280 crore and a PAT of Rs 790 crore. It said it reduced operating costs by 3% year on year to Rs 4,437 PMT.
Besides, the firm recently announced the acquisition of Hyderabad-based Penna Cement Industries Ltd. (PCIL) for an enterprise value of Rs 10,422 crore.
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