Adani Family Infuses Rs 6,661 Crore To Raise Stake In Ambuja Cements
The capital infusion will bolster the Adani family’s stake to 66.7%.
The Adani family has invested Rs 6,661 crore in Ambuja Cements Ltd. to raise its stake in the company by 3.6%.
The capital infusion will bolster the Adani family's stake to 66.7% and help Ambuja reach an annual cement production capacity of 140 million tonne by 2028, according to an exchange filing.
The investment was done through Harmonia Trade and Investment Ltd., an entity owned by the Adani family and part of the promoter group of the cement maker.
In October 2022, Harmonia was allotted 47.7 lakh convertible warrants of Ambuja Cements through preferential allotment on a private placement basis for an issue price of Rs 418.87 per warrant, of which Rs 104.72 (25% of the issue price) per warrant, was received as the initial subscription amount at the time of allotment of the warrants.
Harmonia has now opted to exercise and convert 21.2 lakh warrants, which are convertible into equity shares of the company of face value Rs 2 per share.
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