India`s Adani Group-owned firm to sell stake worth $500 million in Ambuja Cements

2024-08-23 09:15:44 am | Source: Reuters

India`s Adani Group-owned firm to sell stake worth $500 million in Ambuja Cements

News By Tags | #India #AmbujaCementsLtd #CementSector #StockMarket #AdaniEnterprisesLtd #AdaniGroup #GautamAdani

An Adani Group-owned company is selling shares worth $500 million in Ambuja Cements, according to a term sheet seen by Reuters on Thursday.

The holding company, Holderind Investments, is selling a 2.84% stake in the cement company on Friday, with the floor price of the sale set at 600 rupees per share.

The sale is at a 5% discount to Thursday's closing price of 631.8 rupees.

Adani Group had a 70.33% stake in Ambuja as of June 30, according to exchange data. Holderind's stake of 50.9% stake in the cement-maker makes up for a majority of Adani Group's shareholding in the company.

Billionaire Gautam Adani's flagship firm Adani Enterprises is likely to launch a $1 billion share sale by mid-September, Reuters reported earlier this month.

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India`s Adani Group-owned firm to sell stake worth $500 million in Ambuja Cements

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