28 Mar , 2024 By : Debdeep Gupta
Adani family infuses Rs 6,661 crore into Ambuja Cements, raises stake to 66.7%, The latest follows the infusion of Rs 5,000 crore by the promoter into the company for exercising the warrants issuance approved by the board of the Company in October 2022.
Adani family, the Ambuja Cement promoters have infused Rs 6,661 crore into the cement and building materials flagship company under the Adani portfolio, pushing the stock up nearly 2 percent
With this, the Adani family has increased their stake in the Company by 3.6 percent to attain 66.7 percent holding.
This follows the infusion of Rs 5,000 crore by the promoter into the company for exercising the warrants issuance approved by the board of the Company in October 2022. The promoters have infused Rs 11,661 crore so far in Ambuja post-acquisition.
"This strategic move underscores unwavering commitment to have robust capital management philosophy for the portfolio companies and the latest investment testifies to the commitment by the Adani family to boost prospects and potential of cement vertical," Ambuja Cements said in a regulatory filing.
The additional investment will fortify the company's financial position, providing it with enhanced capabilities to pursue its ambitious growth plans and capitalize on emerging opportunities in the market, the company added.
According to the company statement, this fund infusion will play a crucial role in achieving the cement vertical's target capacity of 140 million tonnes per annum by 2028. It will also fuel strategic initiatives such as debottlenecking capex to enhance operational capabilities and ensure scalability, along with improving efficiencies across resources and the supply chain.
"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 said.
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