Ambuja Cement shares gain after Adani family raises stake to 70.3%

Adani family had invested Rs 5,000 crore in October 2022 in Ambuja Cements and further infused Rs 6,661 crore on 28 March 2024

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Ambuja Cements shares gained in early trade on April 18 after the Adani family fully subscribed to the warrants program by further infusing Rs 8,339 crore.

This has taken the Adani family’s total capital infusion in Ambuja Cements to Rs 20,000 crore. Their stake has increased by further 3.6 percent to 70.3 percent, from 63.2 percent.

At 9.15 am, shares of Ambuja Cements were quoting Rs 633.2 apiece, higher by 2.3 percent on the NSE compared to the previous session’s closing price.

The family had invested Rs 5,000 crore in October 2022 and Rs 6,661 crore on 28 March 2024, which was for part issuance of shares, the filing said.

The company said the fund infusion will be important in achieving the capacity of 140 million tonnes per annum by 2028 by the cement vertical.

“We are thrilled to announce completion of Adani family’s primary infusion of Rs 20,000 crore in Ambuja,” said Ajay Kapur, whole-time director and CEO, Ambuja Cements.

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Ambuja Cements has entered the southern market with an agreement to acquire a grinding unit owned by an unlisted entity named My Home Group. The 1.5 MT unit is located in Thoothukudi, Tamil Nadu, and its acquisition price was around Rs 413.75 crore.

However, according to a report by analysts at brokerage Nomura, Ambuja Cements’ entry into the high-priced Kerala and Tamil Nadu markets won’t be disruptive just yet.

The analysts wrote that the incumbents are well-placed and that they do not expect any pricing pressure immediately. The incumbents include Ramco Cements.

Over the past six months, Ambuja Cement shares gained more than 43 percent in trade. In comparison, the key Nifty 50 index has risen around 13 percent during the same time period.

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