Ambuja Cements Shares Rise Following Major Stake Sale
Shares of Ambuja Cements, a prominent entity within the Adani Group, saw an increase in early trading after a major stake sale by a promoter entity. Holderind Investments, controlled by Gautam Adani and his family, sold 2.84% of the company's shares, totaling Rs 4,197.8 crore, at a floor price of Rs 600 per share. This sale involved about 6.99 crore shares, priced at a 5% discount from the last closing price on the NSE.
This move is part of a strategic realignment by the Adani Group to broaden its shareholder base and attract long-term investors, particularly those interested in infrastructure. The shares sold will be locked up for 60 days, with restrictions on transfers to other promoter entities or their affiliates, and will remain restricted in the hands of the new owner.
Ambuja Cements’ stock has risen by 43% over the past year and by 22% year-to-date. This growth follows the company’s recent announcement of a major investment in a new cement grinding unit in Bihar. The Rs 1,600 crore Warisaliganj Cement Grinding Unit is projected to add Rs 250 crore annually to the state’s revenue and create approximately 1,250 jobs, including 250 direct positions.
For the April-June quarter, Ambuja Cements reported solid results with an operating EBITDA of Rs 1,280 crore and a PAT of Rs 790 crore. Operating costs improved by 3% year-over-year to Rs 4,437 per metric ton. Additionally, the company recently acquired Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore, enhancing its presence in the cement and building materials industry.