Adani Family Raises ₹6,661 Crore in Ambuja Cement Deal: Company Stake Increases to 66.7%, Shares Surge Over 2%
The Adani family has raised Rs. 6,661 crore in Ambuja Cements, increasing their stake in the cement-making company from 3.6% to 66.7%. Ambuja Cement has provided this information in its exchange filing.
Previously, in October 2022, the Adani family had raised Rs. 5,000 crore in Ambuja Cements through warrants. After the acquisition, the promoters of the company have raised a total of Rs. 11,661 crore in Ambuja.
The company stated that this fundraising will strengthen its financial position and enable them to advance development plans, benefiting from emerging opportunities. The Adani Group had purchased Ambuja Cement and ACC Cement for $10.5 billion in June 2022.
Strong Confidence in Vision and Business Model
Ambuja Cement’s CEO, Ajay Kapoor, stated, “We are excited to announce the decision of the Adani family to increase their stake. The funds will provide Ambuja with the flexibility for fast-track growth, facilitated by Moody’s favorable outlook.”
“This reaffirms not only our confidence in our vision and business model but also strengthens our commitment to delivering long-term value to our stakeholders.”
Ambuja Cement’s Share Increases by Over 2%
Ambuja Cement’s shares have surged by over 2% today. At 1:00 PM, the company’s share was trading at Rs. 614 with a gain of 2.19%. In the last 6 months, Ambuja Cement’s shares have witnessed an increase of over 46%.
