Ambuja calls for EGM, to issue warrants

Ambuja Cements has called for an extraordinary general meeting with its shareholders on October 8.

Ambuja Cements, which has been acquired by the Adani family, has called for an extraordinary general meeting with its shareholders on October 8.

In the EGM (Extraordinary General Meeting), Ambuja Cements will seek shareholders' approval for the appointment of Gautam Adani and others on the board and a Rs 20,000 cash infusion in the company through preferential allotment of warrants.

Ambuja Cements has sought approval for allotment of preferential allotment of 47.74 crore warrants at a price band of Rs 418.87 to Harmonia Trade and Investment Ltd, a promoter group entity, totalling Rs 20,001 crore in one or more tranches.

The warrant holder would pay a minimum amount of Rs 104.72, around 25 per cent of the issue price at the time of subscription, and a further payment of Rs 314.15 at the time of exercise of the rights to convert in equity shares.

Ambuja Cements, which also owns 50.05 per cent in ACC Ltd, has called for an EGM of the shareholders "scheduled to be held on Saturday, October 8, 2022" with 12 resolutions seeking various approvals as the appointment of Adani Group chairman Gautam Adani, his son Karan Adani, two directors and four independent directors on the board.

On Friday, Adani Group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of USD 6.5 billion which includes the buyout of Swiss major Holcim's stake in the two firms and subsequent open offers to minority shareholders.

The conglomerate named its founder chairman Gautam Adani as the head of Ambuja Cements. It has also appointed his son Karan Adani and M R Kumar representing Life Insurance Corporation on the board of the company.