Adani Group-owned Ambuja Cements will offload 2 per cent or 51.66 lakh shares of its subsidiary Sanghi Industries to comply with SEBI’s minimum public shareholding norms.
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Starting Wednesday, the company expects to complete the share sale before February 6, 2025. Shares of Sanghi Industries was up 8 per cent at ₹109 a piece on Tuesday.
Last December, Ambuja Cements completed acquisition of Sanghi Industries for ₹5,185 crore, which was funded entirely through internal accrual.
Currently, the promoters own 72.59 per cent of shares while the remaining is held by the public. As per SEBI norms, all listed companies have to maintain at least 25 per cent shareholding with public for the purpose of continuous listing.
“The promoter of the Company, Ambuja Cements, has conveyed to us, their intention to sell the Equity Shares to enable us to comply with minimum public shareholding norms,” said Sanghi Industries in a statement on Tuesday.
Sanghi Industries’ cement factory, located in Gujarat’s Kutch region, is the country’s largest single-location cement and clinker unit by capacity, according to a statement from Ambuja Cements. The acquisition also includes a captive jetty and a power plant. This will help Ambuja Cements transport the commodity to the coastal parts of Maharashtra, Karnataka and Kerala smoothly.
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In 2022, the Adani Group entered the cement business with acquisition of the second and third largest cement producers — Ambuja Cements and ACC — for over ₹51,000 crore and made multiple acquisitions to strengthen its position.