Ambuja Cements Ltd on Saturday said it has received shareholders' approval for all proposals in its EGM, including a resolution to raise ₹20,000 crore from an Adani group firm and appointment of Gautam Adani and others on the board of the company.
The Extraordinary General Meeting (EGM) passed the special resolution proposing to raise ₹20,000 crore by issuing securities on a preferential basis to Harmonia Trade and Investment Ltd, an Adani group entity, with 91.37 per cent votes, Ambuja Cements said in a regulatory update. Ambuja Cements, which also owns 50.05 per cent of ACC Ltd, called an EGM of the shareholders on Saturday.
Resolutions to appoint Adani Group Chairman Gautam Adani, his son Karan Adani and two directors and four independent directors on the board of Ambuja Cements were also approved by the shareholders.
The shareholders also approved all special resolutions related to the appointment of independent directors, the amendment to the Articles of Association (AoA) and the change of its registered office to Ahmedabad-based Adani Corporate House.
Earlier this week, institutional investor advisory firm IiAS recommended the shareholders of Ambuja Cements vote against the proposal.
Ambuja Cements sought shareholders' approval on 12 resolutions, including preferential allotment of 47.74 crore warrants at a price band of ₹418.87 to Harmonia Trade and Investment Ltd, totalling ₹20,001 crore, in one or more tranches.
Last month, the Adani group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of $6.5 billion (about ₹53,800 crore).
Days after the acquisition, the Adani group pledged its entire stake in Ambuja Cements and ACC Ltd worth $13 billion (around ₹1.07 lakh crore) to the Hong Kong branch of Deutsche Bank.
Adani acquired Ambuja Cement and ACC through Mauritius-based SPV Endeavour Trade and Investment Limited (ETIL), which is owned by Xcent Trade and Investment Ltd (XTIL).