Adani Group Stocks: Gautam Adani’s Adani Group may sell 2.84 percent stake in Ambuja Cement in a block deal on Friday, August 23, 2024. The promoter group is preparing to raise Rs 4200 crore through this block deal in Ambuja Cement’s stock.
Adani Group entity Holderind Investments is preparing to sell 69.96 million shares of Ambuja Cement in a block deal for which a floor price of Rs 600 per share has been fixed. Ambuja Cement’s stock has been fixed at a 5 percent discount from Thursday’s closing price of Rs 632 per share. Ambuja Cement’s market cap is Rs 1.56 lakh crore. Jefferies is the advisor for this block deal.
Adani Group holds a 70.33 percent stake in Ambuja Cement, while Holderind Investments holds 50.90 percent. In the year 2022, Adani Group bought Ambuja Cement and ACC. Adani Cement of Adani Group is the country’s second-largest cement company, including Ambuja Cement, ACC, and Sanghi Industries.
In June this year, Ambuja Cement also announced the purchase of Penna Cement Industries Limited. Ambuja Cement has acquired a 100 percent stake in Penna Cement for Rs 10422 crore. With this acquisition, Ambuja Cement’s annual cement production capacity has increased by 14 million tonnes annually to 89 million tonnes.
After the Hindenburg Research report came out, Ambuja Cement stock declined dramatically. On January 30, 2023, the stock slipped to Rs 380. However, it has made a strong comeback from this level. Due to this fall, the stock jumped 86 percent and reached Rs 706. In 2024, the stock of Ambuja Cement saw a jump of more than 16 percent.
