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Ambuja Cements has received shareholders’ approval on issuing equity shares aggregating more than ₹20,000 crore to Harmonia Trade and Investment on a preferential basis. The issue was approved in the extraordinary general meeting (EGM) that was held on Saturday. Gautam Adani’s son Karan Adani was the chairman of the meeting.
During the meeting, 91.37% of the votes were in favour of the preferential issue, while 8.63% were against the resolution.
Last month, Ambuja Cements’ board of directors approved the issuance of 477,478,249 warrants each convertible into or exchangeable for 1 fully paid-up equity share of the company having a face value of ₹2 each to Harmonia on a preferential basis.
The issue price for this preferential issue is fixed at ₹418.87 per warrant.
As per the regulatory filing, each warrant will be convertible into or exchanged for 1 fully paid-up equity share of Ambuja Cements in cash aggregating up to ₹20,001 crore which may be exercised in one or more tranches during the period commencing from the date of allotment of the warrants until the expiry of 18 months.
Earlier, in September, Gautam Adani’s Group completed the acquisition of major Indian cement players, Ambuja Cements and ACC. The Group has now become the second-largest cement player in the country. Holcim closed the deal with Adani Group on Friday by selling its entire stake in Ambuja Cements at ₹385 per share and in ACC at ₹2,300 per share. The cash proceeds aggregated to 6.4 billion dollars for Holcim.
On Friday, Ambuja Cements shares closed at ₹522.40 apiece up by 3.24%. The company’s market cap is around ₹1,03,730.11 crore.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
