Adani warrant conversion deadline may boost Ambuja Cements

09 Feb 2024 CW Team

The spotlight in the upcoming weeks may fall on Ambuja Cements' shares as the Adani Group's eighteen-month deadline to convert its warrants into the company's shares approaches on April 18.

In October 2022, Ambuja Cements issued warrants worth Rs 200 billion to the Adani Group on a preferential basis at Rs 418.8 per share. A mandatory upfront payment of Rs 50 billion, constituting 25% of the warrant issue, was received by the company.

As the deadline approaches, the Adani Group is required to bring in an additional Rs 150 billion. Failure to convert the warrants would result in the forfeiture of the Rs 50 billion payment made by the conglomerate.

At present, Ambuja Cements' stock is trading at Rs 555, reflecting a 32% premium over the issue price of Rs 418.8.

According to SP Tulsian, an independent market analyst, "Amidst the ongoing infrastructure surge and the influx of capital for capital expenditures, Ambuja's stock is poised for strong performance in the short term. Despite investor awareness regarding warrant conversion, the impending event is anticipated to have a positive impact."

The conversion of warrants into shares would increase the Adani Group's stake in Ambuja from 63.19% to 70.33%. In 2022, the Adani Group declared its acquisition of Swiss cement major Holcim's stake in Ambuja Cements and ACC. Over the past three months, the stock has rallied by 32%, and in the last year, it has seen a 57% increase, compared to the 14% and 24% gains in the Nifty during the respective periods.

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