1 month ago
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Mar 28, 2024 11:52 AM IST
With this, it pushed up the stock nearly 2 percent and increased their stake in the Ambuja Cement by 3.6 percent to attain 66.7 percent holding.
Adani family, promoters of Ambuja Cement, infused ₹6,661 crore into the cement and building materials company under the Adani portfolio. With this, it pushed up the stock nearly 2 percent and increased their stake in the Ambuja Cement by 3.6 percent to attain 66.7 percent holding. The Adani family had put in ₹5,000 crore into the company for exercising the warrants issuance approved by the board of the Company in October 2022.
Adani family increased their stake in the Ambuja Cement by 3.6 percent to attain 66.7 percent holding. Read more: Stock market today| Sensex 800 points higher, Nifty above 22,350: What's driving the surge
What Ambuja Cements said on the move?
Ambuja Cements said that the investment will fortify company's financial position and is in line with its ambitious growth plans. "This strategic move underscores unwavering commitment to have robust capital management philosophy for the portfolio companies and the latest investment testifies the commitment by Adani family to boost future prospects and potential of cement vertical," Ambuja Cements said in a regulatory filing.
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"Additionally, it will drive innovation and product enhancement through advanced technology integration, aiming to better serve the growing needs of the sector," the cement maker added.
Ajay Kapur, Whole Time Director and CEO, Ambuja Cements, said, “This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength.”
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The company also said that the fund infusion will play a pertinent role in achieving the cement vertical's target capacity of 140 million tonnes per annum by 2028. The company also said that in order to support its strategic initiatives such as debottlenecking capex to enhance operational capabilities and ensure scalability, the fund infusion was crucial.
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