Ambuja Cements’ equity worth ₹4,251 Crore change hands

23 Aug 2024 , 12:24 PM

Ambuja Cements’ shares worth ₹4,251 Crore were sold in block agreements on Friday (August 23), with the company’s promoters being the most likely sellers.

According to data accessible on the markets, the block trade involved the transfer of up to 6.8 Crore shares, representing a 2.76% ownership in the firm.

Shares traded at an average price of ₹625.5 per share. The aggregate deal value is estimated to be around ₹4,251 Crore.

Following the block deal, Ambuja Cement’s shares surged over 3% to a day’s high of ₹660.

It was reported earlier on Thursday that Ambuja Cements’ promoters aim to sell up to 2.84% of the firm through block deals. The offer price was ₹600 per share, representing up to a 5% decrease from Thursday’s closing price.

The buyers and sellers in the transaction are not officially identified.

As of the end of the June quarter, Ambuja Cements’ promoters owned 70.33% stake in the cement-maker.

At around 11.04 AM, Ambuja Cements was trading 1.19% higher at ₹639.30, against the previous close of ₹631.80 on NSE. The counter touched an intraday high and low of ₹660, and ₹636.70, respectively.

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