This acquisition entails purchasing 66,050 equity shares from IFC for Rs 3.33 crore and is projected to conclude within 30 days from the term sheet date
The open offer will start on September 29 and conclude on October 13, as mentioned in an official document received by Sanghi Industries
Ambuja Cements announced that it would pick up 56.74% of Sanghi Industries from its promoter group.
Sanghi Cement is the third largest player in Gujarat (on capacity) after UltraTech and ACL.
The company's combined production capacity across these units is currently 17 MTPA.
The Maharashtra state government launched the auction process in February.
Standalone profit in the quarter stood at Rs 546.2 crore.
Total Enterprise Value of the acquisition is Rs 5,666 crore.
The company sold 102 million tonnes of cement in FY 23.
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