Adani Family Sells 2.76% Stake in Ambuja Cements
In March, the Adani Group increased its stake to 66.7% by converting 21.20 crore warrants into shares.
Gautam Adani - Founder and chairman of the Adani Group.
On August 23, the Adani family sold 6.8 crore shares (2.76%) of Ambuja Cements for ₹4,251 crore at ₹625.5 per share. The stock was trading at ₹639.45, up 1.03%, by 10:51 AM.
In March, the Adani Group increased its stake to 66.7% by converting 21.20 crore warrants into shares.
The 2022 acquisition of Holcim's stake in Ambuja Cements and ACC was followed by this sale and potential divestment in Adani Power.
The transaction includes a 60-day lock-up period. Previously, promoters planned to sell 7 crore shares at ₹600 each, a 5% discount from the prior close of ₹632.90.
For Q1 2024, Ambuja Cements reported a net profit of ₹789.63 crore and revenue of ₹8,311.48 crore.
