Ambuja Cements acquires majority stake in Sanghi Industries at enterprise value of ₹5,000 cr.
The Hindu
If the open offer is fully subscribed, Ambuja Cements will own 82.74% in SIL
Gautam Adani-owned Ambuja Cements Ltd. on Thursday announced the acquisition of a majority stake in Sanghi Industries at an enterprise value of ₹5,000 crore, in a first major deal since Adani Group was rocked by allegations of financial misconduct by Hindenburg Research.
Ambuja Cements, a part of Adani Cement Ltd (ACL), will buy a 56.74% stake in Sanghi Industries Ltd. (SIL) from its existing promoter group Ravi Sanghi & family.
The acquisition will be fully funded through internal accruals, Ambuja Cements said in a statement.
Besides, it would make an offer to acquire another 26% or 6.71 crore equity shares from SIL's public shareholders.
“The open offer would be at a consideration of up to ₹114.22 per sale share,” it said. Adani Group will spend ₹ 767.15 crore for acquiring 26% share from open market.
The company expects the acquisition to be completed within 3-4 months, however, it will be “subject to approval” from the Competition Commission of India.
If the open offer is fully subscribed, Ambuja Cements will own 82.74% in SIL, the cement maker which also owns a captive port capacity at Sanghipuram in Kutch district of Gujarat.
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