Ambuja Cements, Ravi Sanghi to offload 3.52% stake in Sanghi Industries

Adani group firm Ambuja Cements and Ravi Sanghi, the promoters of Sanghi Industries, will sell 3.52 per cent stake in the Saurashtra-based cement manufacturer.

The Offer-for-Sale (OFS) will open on Wednesday for non-retail investors and on Thursday for retail investors, Sanghi Industries said in a regulatory filing on Tuesday evening.

"Ambuja Cements and Ravi Sanghi (the seller/promoters) propose to sell up to 90,92,000 equity shares of Sanghi Industries representing 3.52 per cent of the total issued and paid up equity share capital of the company," it said.

Shares of Sanghi Industries, in which the majority stake was acquired by Adani group firm Ambuja Cement last year, were trading at Rs 102.35, higher by 0.09 per cent on the BSE in morning deals.

 

Calculated on the basis of current market price, this OFS will fetch Rs 93.05 crore.

In the last one year, shares of Sanghi Industries peaked at Rs 151.85 on January 15, 2024.

"The offer shall take place over two trading days on a separate window of the stock exchanges on June 26, 2024 and June 27, 2024, from 9:15 a.m. to 3:30 p.m. (Indian Standard Time) on both days," it said.

Ambuja Cements has 60.44 per cent stake in the Sanghi Industries as of March 30, 2024, while Ravi Sanghi has a 2.10 per cent stake.