Sanghi Industries Ltd. promoters Ambuja Cements Ltd. and Ravi Sanghi will sell up to 3.52% stake in the open market via the offer-for-sale route. The Adani Group company plans to offload up to 60.9 lakh shares, representing 2.36% equity, and Ravi Sanghi will offer up to 30 lakh shares or 1.16%.
The floor price for the OFS has been set at Rs 90 per share. The issue will open on June 26 for non-retail investors and on June 27 for retail investors on the BSE and NSE, according to an exchange filing on Tuesday.
Ravi Sanghi held 2.1% stake in the Saurashtra-based cement-maker, while Ambuja Cements owned 60.44%, as of March.
Following the OFS, the total promoter shareholding in Sanghi Industries will dip from 78.52% to 75%—meeting Indian capital market norms of having at least 25% equity in free-float.
In March, Ambuja Cements offloaded 2% stake in Sanghi Industries.
The Adani Group acquired Sanghi Industries in an all-cash deal in August, valuing the company at an enterprise value of Rs 5,000 crore.
Sanghi Cement, a brand owned by Sanghi Industries, was incorporated in 1985. It has a grinding capacity of 6.1 million tonne per annum and a clinker capacity of 6.6 million tonne per annum.
Shares of Sanghi Industries closed 1.62% lower at Rs 102.26 apiece, as compared with a 0.92% advance in the benchmark S&P BSE Sensex.
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