The Finance Committee of Directors gave Ambuja Cements clearance for the preferential issuing of warrants worth more than Rs 50 billion to Adani Group-backed company, Harmonia Trade and Investment through private placement. By giving Harmonia warrants, Ambuja will be better equipped to take advantage of the market's expansion.

Ambuja Cements announced last month that each warrant will be convertible into or exchanged for 1 fully paid-up Ambuja Cements equity share in cash aggregating up to Rs 200 billion, which may be exercised in one or more tranches during the period starting from the date of the warrants' allocation until the expiration of 18 months.

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