Adani Group Adjusts Holdings, Sells 2.8% Stake in Ambuja Cements
Adani Group's promoter sold a 2.8% stake in Ambuja Cements to investors including GQG Partners, raising Rs 4,250 crore. The move is part of regular equity adjustments within the conglomerate, which holds shares worth USD 125 billion. Post-transaction, GQG Partners' stake increased to 3.13%.
- Country:
- India
On Friday, the Adani Group promoter divested nearly 2.8% stake in Ambuja Cements to investors, including GQG Partners, for Rs 4,250 crore through open market transactions.
The stake sale is part of routine adjustments the promoter undertakes to maintain desired levels across the ports-to-energy conglomerate. Rajiv Jain-backed GQG Partners acquired more than 4.39 crore shares, representing a 1.78% stake, through bulk and block deals in two separate transactions.
These shares were bought at an average price of Rs 625.50 each, bringing the combined deal value to Rs 2,746.79 crore. After the acquisition, Fort Lauderdale-based asset management firm GQG Partners increased its stake in Ambuja Cements to 3.13% from 1.35%, according to block deal data from the National Stock Exchange (NSE). Holderind Investments Ltd., the promoter, sold 6.79 crore shares, amounting to a 2.8% stake in the company at Rs 625.50 each, leading to a Rs 4,250.64 crore transaction value.
(With inputs from agencies.)
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