Ambuja Cements Ltd., the promoter of Sanghi Industries Ltd., will sell up to a 4% stake in the company to comply with the minimum public shareholding norm.
The cement manufacturer proposed to divest up to 2% stake in the current financial year and an additional 2% stake in the next fiscal, according to an exchange filing on Tuesday.
The open offer by Ambuja Cements to acquire a 26% stake held by minority shareholders of Sanghi Industries Ltd. began on Jan. 15. The Adani Group company offered to buy more than 6.71 crore shares of the Gujarat-based cement maker at Rs 114.2 apiece, aggregating to about Rs 818.7 crore.
Ambuja Cements 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 tonnes per annum and a clinker capacity of 6.6 million tonnes per annum.
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