 "Gautam Adani, Adani")
The Adani family on Wednesday converted the final tranche of warrants issued for Ambuja Cements, investing another Rs 8,339 crore in the cement company. With this, Adani’s promoter stake in Ambuja Cements has increased to 70.3 per cent, the company said in a statement.
“The promoters of the company, Adani family, has fully subscribed to the warrants program in the company by further infusing Rs 8,339 crore thereby infusing total amount of Rs 20,000 crore,” Ambuja Cements said in its statement.
In September 2022, Adani group had acquired Holcim’s Ambuja Cements and interests in ACC Ltd. Post the acquisition, in October 2022, Ambuja Cements announced allotment of 47.74 crore warrants to Harmonia Trade and Investment Limited (part of Adani Family) at an issue price of Rs 418.87 per warrant, and each warrant was convertible into one equity share, to be exercised at any time, within a period of 18 months from the date of allotment of warrants.
As per requirements, Adani Family had already infused roughly Rs 5000 crore, that is 25 per cent of the total issue size upfront in 2022.
A second tranche of investment was made in March, where Adani family partially converted these warrants to equity and infused another Rs 6661 crore in Ambuja Cements and increased stake to 66.7 per cent.
According to Ambuja Cements’ statement to BSE, the latest warrant conversion was approved at a premium of Rs 416.87 per share for an allotment of 26.54 crore equity shares of the company, adding another 3.6 per cent stake under promoter ownership.
In Tuesday’s trade, Ambuja Cements share price closed at Rs 617 per piece, up 1.68 per cent from its previous day’s close. Proxy advisory firm IiAS, had earlier guided investors to vote against the issuance of such warrants stating it allows promoters the option to ride the stock price for 18 months.
