+
Adani Group concludes Sanghi Industries acquisition
Cement

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."

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.

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code