Ambuja Cements Ltd shares were up by 2.46 per cent to ₹616.50 at 1.45 pm on the BSE after the company received an equity infusion of ₹6,661 crore from the Adani family.
This move increases the family’s stake in the company by 3.6 per cent to reach 66.7 per cent. The company informed, the infusion aims to bolster Ambuja Cements’ financial stability and support its growth plans, including doubling its capacity to 140 million tonnes per annum by 2028.
The capital injection is to provide the company with capabilities to capitalize on emerging opportunities in the cement sector and pursue its growth plans. The company also informed, the additional funds will support Ambuja in enhancing its operational capabilities and driving product enhancement through technology integration.
This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength, said Ajay Kapur, Whole Time Director and CEO of Ambuja Cements.
It is not only the 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, he added.