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Maharashtra NMMS 2023 scholarship selection list released, direct link to check

NEW DELHI: The Maharashtra State Examination Council has released the selection list for the National Means-cum-Merit Scholarship (NMMS 2023-24) today, April 13. The Ministry...
HomeNewsAdani family pours Rs 6.7k crore into Ambuja

Adani family pours Rs 6.7k crore into Ambuja

MUMBAI: Billionaire Gautam Adani-controlled

Adani Group

has infused Rs 6,661 crore in

Ambuja Cements

and raised its stake by 3.6% to 66.7%, a company release said.
Harmonia Trade & Investment, an arm of the group, converted 21.2 crore warrants into shares at the rate of Rs 314 per share. In Thursday’s strong market, Ambuja Cements stock on the BSE closed at Rs 612, up 1.8% on the day.

This

investment

by the promoters will provide it “with enhanced capabilities to pursue its ambitious growth plans and capitalise on emerging opportunities in the market”, the release said.
In Oct 2022, the promoter group had infused Rs 5,000 crore into the cement major, the second largest in the country in terms of capacity, by subscribing to the warrants which were now converted into equity shares. The fund’s

infusion

will be instrumental for the cement business of Adani Group, which has plans to enhance its capacity to 140 million tonnes per annum by 2028, the release noted. Ambuja Cements also owns a controlling stake in another cement major, ACC.
On Thursday, the board of the Ambuja Cements approved the allotment of 21.2 crore equity shares of the company by converting the warrants.

“With this, the promoters have infused Rs 11,661 crore in Ambuja Cements post-acquisition, giving (the company) capital flexibility for accelerated growth, capital management initiatives and best-in-class balance sheet strength to accomplish its various strategic initiatives,” the release said. Ambuja Cements CEO Ajay Kapur said, “It is not only the testament to steadfast belief in our vision and business model but also reinforces our commitment to delivering long-term sustainable value-creation to our stakeholders and this shall propel us towards setting new benchmarks,” he said.

Ambuja, with its subsidiaries ACC, has the capacity to produce 77.4 million tonnes of cements annually from 18 integrated cement manufacturing plants and 18 cement grinding units across the country, according to reports. It had recently acquired Sanghi Industries.
In Sept 2022, Adani Group has acquired controlling stakes of Ambuja Cement from Swiss firm Holcim for cash proceeds of $6.4 billion (about Rs 51,000 crore). Later, it had also launched a Rs 31,000 crore open offer for the acquisition of 26 per cent additional stakes from public shareholders.

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