Ambuja Cements to Launch Open Offer for 26% Stake in Sanghi Industries Amid Acquisition Drive

22 Aug 2023 , 02:21 PM

Ambuja Cements, a subsidiary of the Adani Group, is set to initiate an open offer to acquire a 26 % equity stake from public shareholders of Gujarat-based cement company Sanghi Industries. The open offer will start on September 29 and conclude on October 13, as mentioned in an official document received by Sanghi Industries.

This offer price represents a premium of 5.12 % compared to Sanghi Industries’ closing share price of Rs 108.65 on BSE. On August 7, Sanghi Industries’ shares reached a three-month high of Rs 116.59. The acquisition deal was announced by Ambuja Cements on August 3, in which it plans to acquire a 56.74 % stake in Sanghi Industries from its existing promoter group, Ravi Sanghi & family.

This transaction, valued at Rs 5,000 crore, is a significant move for Ambuja Cements and the Adani Group, particularly following recent allegations of financial misconduct by Hindenburg Research.

If the open offer is fully subscribed, Ambuja Cements will hold an 82.74 % stake in Sanghi Industries. Sanghi Industries, beyond cement manufacturing, owns a captive port capacity in Sanghipuram, situated in Gujarat’s Kutch district.

For feedback and suggestions, write to us at [e-mail]