GQG Partners, others buy Ambuja Cements stake worth Rs 4,251 crore

Adani family will use Rs 4,251 cr proceeds to accelerate investment across group firms

Several prominent investors, including GQG Partners, National Pension System Trust, and SBI Life Insurance, purchased shares in Ambuja Cements offered by billionaire Adani family on Friday. The family raised Rs 4,251 crore through the share sale, and the proceeds will be allocated to accelerate investment across their group companies. This transaction is part of managing and balancing the Adani family portfolio currently valued at $125 billion, said banking sources.

The shares were sold in the block deal window of the stock exchanges, which saw block deals worth Rs 20,000 crore across several companies since Monday.

As per stock exchange statistics, GQG Partners was the top buyer as it bought shares worth Rs 1,679 crore in Ambuja Cements. National Pension System Trust acquired shares worth Rs Rs 525 crore while SBI Life Insurance bought shares worth Rs 500 crore (see chart).

 

Bankers said Ambuja Cements share sale is part of the Adani family’s plans to bring down their stake in group companies by up to 3 per cent, considering the group’s listed companies are trading at 52-week high.

The Adani group is investing $100 billion in the next one decade in the infrastructure sector. Of this, the group will invest $15 billion in the ongoing financial year alone.

“Several international long-term investors want to be part of India’s long-term story and they wanted to invest a large sum in the group shares. Hence, the family would sell part of their stake in the next few months,” said a banker.

Ambuja Cements closed flat at Rs 633 a share and the shares were sold at Rs 625 a share via block deals.

With the sale, the Adani family will own 67.3 per cent stake in Ambuja Cements, which it acquired from Swiss materials firm Holcim in May 2022. At the same time, the family, which owns 71.71 per cent stake in Adani Power, may look at inducting global investors by selling a small stake of between 0.5 per cent and 3 per cent in the electricity generation firm, but no decision on this has been taken so far, said a source close to the development.