 "Sanghi Industries slips 6% after promoters offload 9.9 mn equity shares")
Sanghi Industries stock slipped up to 5.8 per cent at Rs 96.50 on the NSE in Wednesday’s early morning deals. This came after the company’s promoters on Tuesday, scheduled an offer for sale (OFS) to divest up to a 3.52 per cent stake in Sanghi Industries, setting the floor price at Rs 90 per share for June 26-27.
This price reflects a discount of nearly 12 percent compared to the company's previous closing price of Rs 102. The OFS will open for non-retail investors on June 26 and for retail investors on June 27, as per the company's filing to the exchange.
As of 31st March, 2024, the promoters held a 78.52 per cent stake in the company, while 21.48 per cent equity was publicly held.
Ambuja Cements plans to reduce its stake by approximately 2.36 percent, equivalent to 6.09 million shares, while former chairman and managing director Ravi Sanghi will sell 3 million shares, amounting to a 1.16 percent equity stake in the company.
Sanghi Industries reported robust financial performance in the fourth quarter of fiscal year 2023-2024 with the company's revenue surging by 27.01 per cent year-on-year to Rs 288.33 crore, while sequentially, revenue jumped by 51.66 per cent. However the company recorded a net loss of Rs 19.02 crore for the quarter.
At 10:43 PM; the company recovered all of its losses and was trading 0.43 per cent higher at 102.70 on NSE. By comparison the NSE Nifty50 was flat, up marginally by 0.05 per cent.
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The shares of the company are presently trading at a price to earnings multiple of -5.89 times with an earning per share of Rs -17.37. Sanghi Industries, part of Ambuja Cements and the Adani Group, is among India's leading cement companies.