Ambuja Cements Acquires three subsidiaries

25 Sep 2023 CW Team

As per the filing, Lotis IFSC has an authorised and paid-up share capital of Rs 17 million, consisting of 1,700,000 equity shares at Rs 10 each. Both Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited have an authorised and paid-up share capital of Rs 0.1 million, comprising 10,000 equity shares at Rs 10 each. These subsidiaries were incorporated in GIFT City, Gandhinagar, Gujarat, in September 2023, with Ambuja Cements holding a 100 per cent equity stake in all three entities.

Ambuja Cements had previously announced plans for an open offer to purchase 26 per cent of the equity held by public shareholders of Gujarat-based cement manufacturer Sanghi Industries, with the offer set to commence on September 29. The company aimed to acquire these shares at a rate of Rs 114.22 per share, with a potential total value of up to Rs 7.67 billion. This would result in Ambuja Cements holding an 82.74 per cent ownership stake in Sanghi Industries Ltd. Prior to the open offer, Ambuja Cements had also disclosed a deal to purchase a 56.74 per cent stake in Sanghi Industries from its existing promoter group, comprising Ravi Sanghi and his family.

Ambuja Cements reported a net profit of Rs 6.45 billion for the first quarter of FY24, marking a 38 per cent decrease compared to the corresponding period last year. On the BSE, Ambuja Cements shares closed at Rs 420.35 on Friday, reflecting a 1.31 per cent drop from the previous day's closing price.

Ambuja Cements, an Adani Group company, has acquired three wholly-owned subsidiary firms: Lotis IFSC Private Limited, Ambuja Concrete North Private Limited, and Ambuja Concrete West Private Limited, according to a stock exchange filing. None of these subsidiaries has commenced business operations as of now. Lotis IFSC Private Limited, established by Ambuja Cements, is focused on aircraft ownership and leasing, while Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited are dedicated to the cement sector, encompassing manufacturing and distribution of cement, RMX (Ready-Mix Concrete), and related products and by-products. As per the filing, Lotis IFSC has an authorised and paid-up share capital of Rs 17 million, consisting of 1,700,000 equity shares at Rs 10 each. Both Ambuja Concrete North Private Limited and Ambuja Concrete West Private Limited have an authorised and paid-up share capital of Rs 0.1 million, comprising 10,000 equity shares at Rs 10 each. These subsidiaries were incorporated in GIFT City, Gandhinagar, Gujarat, in September 2023, with Ambuja Cements holding a 100 per cent equity stake in all three entities. Ambuja Cements had previously announced plans for an open offer to purchase 26 per cent of the equity held by public shareholders of Gujarat-based cement manufacturer Sanghi Industries, with the offer set to commence on September 29. The company aimed to acquire these shares at a rate of Rs 114.22 per share, with a potential total value of up to Rs 7.67 billion. This would result in Ambuja Cements holding an 82.74 per cent ownership stake in Sanghi Industries Ltd. Prior to the open offer, Ambuja Cements had also disclosed a deal to purchase a 56.74 per cent stake in Sanghi Industries from its existing promoter group, comprising Ravi Sanghi and his family. Ambuja Cements reported a net profit of Rs 6.45 billion for the first quarter of FY24, marking a 38 per cent decrease compared to the corresponding period last year. On the BSE, Ambuja Cements shares closed at Rs 420.35 on Friday, reflecting a 1.31 per cent drop from the previous day's closing price.