Ambuja Cements Stock Gains After Major Stake Sale
Ambuja Cements, a key player in the diversified Adani Portfolio, saw its stock rise in morning trade following the sale of a significant stake by a promoter entity. Holderind Investments, owned by billionaire Gautam Adani and his family, sold 2.84% of the company’s equity, amounting to Rs 4,197.8 crore at a floor price of Rs 600 per share. This transaction, involving approximately 6.99 crore shares, was executed at a 5% discount to the last closing price on the NSE.
The sale is part of a strategic move by the Adani Group to diversify its shareholder base and attract long-term investors, especially those with a focus on infrastructure assets. The shares will be subject to a 60-day lock-up period, with restrictions on transfers to other promoter entities or group members, and will remain locked in the hands of the transferee.
Over the past year, Ambuja Cements’ stock has surged by 43%, with a 22% increase year-to-date. This uptick follows the company’s announcement earlier this month of a substantial investment in a new cement grinding unit in Bihar. The Rs 1,600 crore Warisaliganj Cement Grinding Unit is expected to contribute Rs 250 crore annually to the state’s revenue and generate around 1,250 jobs, including 250 direct positions.
In its latest quarterly results for April-June, Ambuja Cements reported robust performance, with an operating EBITDA of Rs 1,280 crore and a PAT of Rs 790 crore. The company improved its operating cost by 3% year-on-year to Rs 4,437 per metric ton. Additionally, the company recently acquired Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore, further strengthening its market position in the cement and building materials sector.
