Adani stake sale: Adani Group Promoter Holderind Investments Ltd sold 2.8 per cent stake in Ambuja Cements on Friday, raising Rs 4,250 crore through open market transactions. This sale is rather a routine adjustment by the group to ensure that it stays within the limit of its holdings in various companies.
The vendor sold around 6.79 million shares at an average price of Rs 625.50 per share. Following this transaction, Holderind Investments’ stake came down from 50.90 per cent to 48.1 per cent; while the promoter’s total stake declined from 70.33 per cent to 67.53 per cent.
Prominent investors like Rajiv Jain backed GQG Partners, which bought over Rs 4.39 crore worth of Ambuja Cement shares, among others, worth over Rs 2,746.79 crore. GQG Partners’ ownership stake in the company increased from 1.35 per cent to 3.13 per cent after the completion of this acquisition transaction.
Other notable buyers include Axis Mutual Fund, Baroda BNP Paribas MF, ICICI Prudential MF, Invesco MF, among other funds or financial institutions such as Mirae Asset MF and Canara HSBC Life Insurance Corporation including SBI Life Insurance Company Ltd., National Pension System (NPS) Trust, empowering organisations of Morgan Stanley Group entities including The Vanguard Group, along with the Norwegian Government Retirement Fund, among others.
Ambuja Cement was bought by Adani Group Holcim will become India’s second-largest cement producer by 2022.
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