The sale involves approximately 7 crore shares (equivalent to 2.84% ownership) in Ambuja Cement, with an offer price of ₹600 per share—a 5% discount to the closing price on the BSE.
Notably, the Adani-led promoter group holds shares worth USD 125 billion across their ten listed companies. This strategic adjustment allows them flexibility for events like acquisitions and investor needs. Ambuja Cement, acquired by Adani in 2022 from Holcim Ltd, is now India's second-largest cement maker. The stake sale will enhance the company's public float.
According to a report by Economic Times, the adjustments in the holdings are done on a regular basis to keep the promoters' interest at a desired level. The equity adjustments typically range from 0.5% cent to 3%. The stake sale in Ambuja Cement is part of that and not linked to any debt reduction, said the report, adding that the debt is at the company level.
Besides, the promoters may also look to shed some stake in Adani Power in October.
Ambuja Cement, a prominent player in the Indian cement industry, has been strategically expanding its footprint.
Ambuja Cement commands an impressive blended cement market share of over 89%. The company's low clinker factor (63%) and Total Shareholder Returns (TSR) of 5.1% contribute to their market leadership.
Ambuja aims to increase its cement capacity to 140 million tons per annum (MTPA) by 2028, adding 2.25 MTPA capacity organically and through inorganic route by acquiring 9.1 MTPA capacity (including 1.5 MTPA from the Tuticorin Grinding Unit).
Ambuja Cements recently signed a definitive agreement to acquire My Home Group’s 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu. Spread across 61 acres of land, the unit is strategically located near the Tuticorin Port, enhancing Ambuja’s coastal footprint across southern markets in Tamil Nadu and Kerala.
With this addition, Adani Group’s total cement capacity stands at 78.9 MTPA.
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