Adani Group promoters raised Rs 4,251 crore by selling a 2.76% stake in Ambuja Cements through Holderind Investments via a series of block deals on Friday, according to data available on the exchanges. A total of 67.956 million shares of the cement company were traded in these block deals.
The largest investor in the transaction was GQG Partners Emerging Markets Equity Fund, which acquired 26.84 million shares for Rs 1,679 crore at Rs 625.5 per share, resulting in a 1.09% stake in Ambuja Cements.
The National Pension System (NPS) Trust was the second-largest buyer, securing a 0.34% stake for Rs 525 crore.
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SBI Life Insurance Company purchased 7.99 million shares for Rs 500 crore, gaining a 0.32% stake in the company.
Other major investors included Mirae Asset Mutual Fund, which acquired a 0.16% stake for Rs 251 crore, and Morgan Stanley Asia Singapore, which picked up a 0.158% stake for Rs 243 crore. In total, the block deals involved 24 investors acquiring stakes in Ambuja Cements, including prominent names such as Axis Mutual Fund, ICICI Prudential Mutual Fund, and Invesco Mutual Fund.
On August 22, it was reported that Adani Group’s Holderind Investments, a promoter entity in Ambuja Cements, was planning to divest a 2.84% stake in the company for roughly Rs 4,200 crore. There were also reports suggesting that the Adani Group may divest up to 5% each in Ambuja Cements and Adani Power to help reduce its promoter-level debt of Rs 1.82 trillion.
Shares of Ambuja Cements opened at Rs 654 per share on Friday, reflecting a 3.33% increase from the previous day’s closing price. The stock ended the day’s trading at Rs 633.55.Following the block deals on Friday, the promoter holding in Ambuja Cements decreased from 70.33% to 67.57%.
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Publish date : 2024-08-23 07:23:00
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