Ambuja Cements Ltd.'s board approved raising Rs 20,000 crore through issue of convertible warrants to Harmonia Trade and Investment Ltd.
The cement maker will issue 47.74 crore warrants representing 19.39% stake in the company, it said in an exchange filing.
The issue price of the convertible warrants is set at Rs 418.87 apiece.
Each warrant is convertible into one fully paid up share and can be exercised in multiple tranches within 18 months of issuance, the company said.
This came on the heels of Adani Group taking over the Swiss cement major Holcim's stake in the Ambuja Cements and ACC Ltd. in a $10.5 billion deal.
The Adani family's open offer to acquire an additional 26% stake in Ambuja and ACC had closed on Sept. 9, 2022. The mandatory open offers in cash were made after the group acquired a 63% stake in Ambuja Cements, which has a 50.05% stake in ACC.
Founder of Adani conglomerate billionaire Gautam Adani has been named as Chairman of the Ambuja Cements in a board rejig.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime
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