Ambuja Cements Ltd is likely to see block deals worth Rs 4,200 crore on August 23, Friday, as the Adani group looks to sell a 2.84 per cent stake in the cement maker at about 5 per cent discount to Thursday's closing price.
Holderind Investments, an Adani Group entity, is said to be selling 69.96 million shares at a floor price of Rs 600 per share, which is at 5.19 per cent discount to Thursday’s closing price of Rs 632.90 apiece.
Holderind Investments held 1,25,31,56,361 shares or 50.90 per cent stake in Ambuja Cements at the end of June quarter. In total, three promoter entities owned 1,73,13,37,052 shares or 70.33 per cent stake in the cement maker as on June 30.
Ambuja Cements shares are down 7.5 per cent in the past one month but still up 20 per cent for 2024 so far.
To recall, promoters infused Rs 15,000 crore in two tranches in Ambuja Cements in March and April, thus fully subscribing to the warrant program. They infused a total of Rs 20,000 crore in the cement maker since its acquisition in September 2022.
With Penna Cement acquisition, Ambuja Cements and its subsidiaries have taken the Adani Group’s cement capacity to 89 MTPA with 22 integrated cement manufacturing plants and 21 cement grinding units across the country.
As per a Reuters report earlier this month, Gautam Adani's flagship firm Adani Enterprises is likely to launch a $1 billion share sale by mid-September.