Adani Group concludes Sanghi Industries acquisition

Ambuja Cements, owned by billionaire Gautam Adani, declared the finalisation of the acquisition of Sanghi Industries (SIL) at a revised offer price of Rs 121.90 per share. Back in August of this year, Ambuja Cements (ACL) had proposed a price of Rs 114.22 for each share, aiming to acquire 26% of the equity shares, each valued at Rs 10, from Sanghi Industries' public shareholders. According to a regulatory filing by Ambuja Cements, In terms of the company's obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ('Takeover Regulations'), the offer price as defined in the PA shall stand revised to Rs 121.90. In a separate statement, ACL conveyed that it had successfully completed the acquisition of Sanghi Industries, funded entirely through internal accruals at an enterprise value of Rs 51.85 billion. The statement also mentioned, With the acquisition funded entirely through internal accruals, ACL holds a controlling stake of 54.51% in SIL.