This is an ongoing story and more information is pending.
Prior to Friday’s purchase, GQG held a 1.35% stake in the company, with its holdings amounting to more than 330 million shares.
The billionaire Gautam Adani-led conglomerate on Friday sold about 2.8% stake in Adani Group’s Ambuja Cement for about 42 billion rupees in a bulk pre-market deal.
Cement shares, which have risen about 22% so far this year, rose 4% in the opening session to a day high of Rs 659.70 following the big deal. The stock eventually closed at Rs 635, up Rs 3.20 or 0.51%, on the NSE. According to a term sheet issued by the bank, Holderlind Investments, an Adani Group company, was looking to sell 69.96 million shares at a floor price of Rs 600 per share, a 5% discount to Thursday’s closing price of Rs 633. Adani Group currently holds 70.33% stake in Ambuja Cement while Holderlind Investments holds 50.90%. Since October 2023, Adani Group has invested about Rs 2 trillion in the company through warrant subscriptions, increasing its total stake to 70.33%. Of this, Rs 15,000 crore was invested earlier this year and Rs 5,000 crore in October 2022.
Earlier this month, Ambuja had said it would acquire Hyderabad-based Penna Cement for an enterprise value of Rs 10,422 crore to expand its production capacity and market share in south India.
Adani Cement expects the Penna acquisition to help it rapidly ramp up its production capacity and boost its market share in South India by 8-15 percent and the national market by 2 percent. The Adani Group is said to be planning to consolidate all its cement companies under one umbrella in the medium term.
