Ambuja Cements to raise funds from Adani Group

11 Oct 2022 CW Team

All resolutions in Ambuja Cements' EGM, including those to raise Rs 200 billion from an Adani group company and appoint Gautam Adani and others to the board of directors, have been approved by shareholders.

With 91.37% of the vote, the Extraordinary General Meeting (EGM) approved the special resolution that sought to raise Rs 200 billion by issuing securities on a preferential basis to Harmonia Trade and Investment, a member of the Adani group.

The shareholders also adopted resolutions appointing four independent directors, two directors, and the chairman of the Adani Group, Gautam Adani, to the board of Ambuja Cements.

All special motions concerning the nomination of impartial directors, the revision of the Articles of Association (AoA), and the transfer of the company's registered office to Adani Corporate House in Ahmedabad were also passed by the shareholders.

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