Ambuja Cements' share price witnessed a sharp surge of over 4 per cent in early trading on Friday, August 23, after reports emerged of a promoter-led stake sale via a block deal. The stock opened at Rs 654 on the BSE, up from its previous close of Rs 632.90, and quickly climbed 4.23 per cent to reach Rs 659.70. By 9:25 am, the shares were trading 3.30 per cent higher at Rs 653.80.
Media reports indicate that Adani Group, a major stakeholder in Ambuja Cements, is planning to offload approximately 3 per cent of its stake in the company through block deals. The sale is expected to raise up to $500 million (around Rs 4,197 crore). Sources familiar with the matter stated that promoters would be selling around 7 crore shares, or 2.84 per cent of the cement maker, for Rs 4,198 crore.
As of Friday morning, shares of Ambuja Cements were trading at Rs 638.55, reflecting a 0.89 per cent increase on the BSE.
ALSO READ | Share Market Today: Sensex Drops 100 Points; Nifty Tests 24800 Amid High Volatility
Adani Group currently holds a 70.33 per cent stake in Ambuja Cements as of the June 2024 quarter. The group completed its acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland's Holcim Group for $6.4 billion in September 2022.
In a strategic move, Ambuja Cements announced the acquisition of Penna Cement Industries Ltd (PCIL) in June 2023, at an enterprise value of Rs 10,422 crore.
Ambuja Cements' stock had earlier hit a 52-week high of Rs 706.85 on July 2, 2023, while its 52-week low was Rs 404, recorded on November 1, 2022. Over the past year, the company's share price has risen by approximately 37 per cent.
The promoter group's offer price of Rs 600 per share marks a 5 per cent discount to Thursday’s closing price of Rs 632.90 on the BSE. Billionaire Gautam Adani's conglomerate holds shares worth $125 billion across its 10 listed companies, and the group actively manages its investment portfolio, regularly adjusting its holdings.