Holderind Investments to Sell 2.8% Stake in Ambuja Cements
Exciting news in the world of investments! Holderind Investments, a prominent Adani group promoter entity of Ambuja Cements, is set to make a significant move in the market. They are planning to sell nearly 7 crore shares of the company, which amounts to 2.8% of its equity capital. The aim is to raise a substantial sum of about Rs 4,200 crore through block deals scheduled for Friday.
The shares are being offered at a floor price of Rs 600, which represents a 5.2% discount to Ambuja Cement’s closing price on the BSE on Thursday, as per insider sources.
According to shareholding disclosures on the BSE as of June 30 this year, the Gautam Adani-led group, through its various arms, held about 70.3% in the cement major. However, after this planned deal, their holding in the company is expected to decrease to 67.5%.
This move comes after Ambuja Cements issued warrants to the promoter group in October 2022, which were converted into equity shares in March of this year. Consequently, the promoter group’s total holding in the cement maker had increased from about 63% to 70.3%. Recent reports suggested that the group was looking to reduce its stake in both Ambuja Cements and Adani Power to raise funds and manage debt effectively.
Exciting times lie ahead for Holderind Investments and Ambuja Cements as this strategic move unfolds in the market. Stay tuned for more updates on this story!
