Ambuja Cements (ACL), a company owned by Adani Group, completed the acquisition of Sanghi Industries Limited (SIL), a cement manufacturing company. In a filing to stock exchanges, Ambuja Cements on Tuesday said that the deal had been completed at an enterprise value of Rs 5185 crore.
Just after the news came out, shares of Ambuja Cements rose by 7% to Rs 510.30 in intraday trade. Subsequently, shares of Sanghi Industries reached Rs 129.90 with an upper circuit of 5 percent.
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Ambuja Cements bought 14 crore shares
Gautam Adani owned Ambuja Cements and bought 14 crore shares of Sanghi Industries acquiring a 54.51% stake in the company. Ambuja Cements has said in a regulatory filing that 57 lakh shares of the promoter group (equivalent to a 2.23% stake in the company) will be purchased separately.
Earlier, on August 3, 2023, Ambuja Cements announced the purchase of a 54.74% stake in Sanghi Industries from the existing promoter group Ravi Sanghi & Family.
Sanghi Industries has a cement factory in Kutch
Sanghi Industries' cement factory is in the Kutch region of Gujarat. According to a statement from Ambuja Cements, Sanghi Industries' cement factory is the country's largest single-location cement and clinker unit by capacity. The 52-week high level of Ambuja Cements shares is Rs 598.15. At the same time, the 52-week low level of the company's shares is Rs 315.30.