Sanghi Industries promoter Ambuja Cements and erstwhile promoter Ravi Sanghi will sell up to 3.52 per cent stake in the company through an offer for sale in next two days.
Floor price for the OFS has been fixed at ₹90 per share, which implies a nearly 12 per cent discount on Sanghi Industries’ current market price of ₹102, said the company in statement on stock exchange.
The OFS will be open for non-retail investors on June 26 and retail investors on June 27, it said.
Adani Group company Ambuja Cements will offload 60.92 lakh shares, accounting for 2.36 per cent stake, while Ravi Sanghi, the former chairman and managing director of the company, will sell 30 lakh shares or 1.16 per cent of the company.
Monarch Networth Capital has been listed as the broker for the OFS.
In March, Ambuja Cements said it intends to divest up to 2 per cent stake in Sanghi Industries to comply with minimum public shareholding norms.
On March 26, Ambuja pared its stake to 60.44 per cent from 62.44 per cent by selling 51.66 lakh equity shares of Sanghi Industries to comply with the shareholding norms.
Last December, billionaire Gautam Adani-owned Ambuja Cements acquired major stake in Sanghi Industries for an enterprise value of ₹5,185 crore.