The promoters of Ambuja Cement are looking to raise $ 500 million by selling 2.84% stake in the company in a block deal, according to a Bloomberg report on Thursday.
Ambuja Cements’ promoter entity Holderind Investments is expected to offer around 69.96 million shares at minimum of Rs 600 per share, the report added.
This sale price is at around 5% discount from the stock price at the end of trading on Thursday at Rs 632.9 (0.61% intraday gain). The stock has risen 21.3% in 2024 so far, though it has seen a fall of 8.05% over the last month.
Ambuja Cement has a total of 2.46 billion outstanding shares with a trade float of around 606.8 million shares.
Earlier in the day, media reports suggested that in order to trim their debt of Rs 1.82 trillion, the Adani Group is looking to divest up to 5% each in Ambuja Cements and Adani Power to trim debt. The promoters can raise about Rs 21,000 crore by selling stakes in the two companies at current prices. At the end of June quarter, promoters held a 72.71% stake in Adani Power and a 70.33% stake in Ambuja Cements.
A mail sent to Adani group on the subject did not elicit any response till the press time.
Adani Power rose 28.4% in 2024 though it fell 3.44% Rs 673.85 on Thursday. Ambuja Cements had total debt of Rs 699 crore and Adani Power had debt of Rs 34,616 crore in FY24.
Promoter holdings in Ambuja Cements rose by 3.59 percentage points to 70.33% from 66.74% in the June quarter, according to information available on the Bombay Stock Exchange.
