Ambuja Cements Ltd. said on Wednesday that the Adani Group has increased its stake in the company to 70.3% from 63.2% earlier, after the cement maker raised Rs 8,339 crore from the conglomerate through warrants. The total capital infusion by the Adani Group stood at Rs 20,000 crore under the warrants program, according to a statement to the exchanges.
The fresh investment follows Rs 5,000 crore infused in October 2022 and Rs 6,661 crore done last month, which was for part issuance of the shares, Ambuja Cements said in a statement, adding that the fresh investment will also be instrumental to accomplish the capacity of 140 million tonnes per annum by 2028 by the cement vertical.
The additional investment will fortify the Ambuja Cements' financial position and provide it with enhanced capabilities to pursue its ambitious growth plans, the cement manufacturer's Chief Executive Ajay Kapur said.
"This infusion of funds provides Ambuja, capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength," Kapur said.
Shares of Ambuja Cements closed 1.7% higher at Rs 617 on Tuesday as compared to 0.6% fall in the country's benchmark S&P BSE Sensex.
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