Ambuja Cements’s stock, which is a component of the diverse Adani Portfolio, increased in morning trading on Friday following the possible divestment of Rs 4,197.8 crore worth of stock at the floor price by a promoter company.
Billionaire Gautam Adani and his family control Holderind Investments, which most likely sold 2.84 percent of the company’s shares, valuing the deal at Rs 4,197.8 crore at the floor price.
The deal is a part of a calculated group portfolio management strategy meant to draw in long-only investors and diversify the shareholder base—especially those with an interest in infrastructure assets.
At a floor price of Rs 600 per share, Holderind sold about 6.99 crore shares, which represented a 5% discount to the NSE’s most recent close price.
With the exception of transfers to other promoters or members of the promoter group, the shares will be subject to a 60-day lock-up period, during which time the transferee will retain the lock-up.
Over the past year, Ambuja Cements’ stock has increased by 43%, and so far this year, it has increased by 22%.
Ambuja Cements stated earlier this month that it would invest Rs 1,600 crore to establish a 6 MTPA cement grinding facility in Bihar. The Warisaliganj Cement Grinding Unit, which aims to improve infrastructure, is projected to generate 250 direct and 1,000 indirect jobs for the state annually in addition to contributing about Rs 250 crore to its fiscal revenue.
For the April–June quarter, the leading manufacturer of cement and building products announced solid quarterly performance, with operational EBITDA of Rs 1,280 crore and PAT of Rs 790 crore. At Rs 4,437 PMT, the operating cost was improved by 3% (year over year), according to the flagship of the diverse Adani Group.
The Hyderabad-based Penna Cement Industries Ltd (PCIL) was acquired by the firm for an enterprise value of Rs 10,422 crore, as disclosed recently.
