On Friday, August 23, shares of Ambuja Cement, part of the Adani Group, saw a significant rise. The stock surged 4% to an intraday high of ₹660. This increase in share price comes as the promoters sold shares worth ₹4,197.8 crore at the floor price.
Holderind Investments Sells 2.84% Stake
Gautam Adani, the chairman of Adani Group, and his family’s Holderind Investments sold about 2.84% of their stake in Ambuja Cement. The value of this transaction is ₹4,197.8 crore at the floor price.
The goal of this transaction is to increase the base of shareholders and attract long-term investors, especially those interested in infrastructure assets. Holderind sold 6.99 crore shares at the floor price of ₹600 per share, which is about 5% less than the last closing price on NSE.
The shares will be subject to a 60-day lock-up period, during which they cannot be transferred to other promoters or promoter group members.
Ambuja Cement’s Performance and Future Plans
Ambuja Cement’s shares have given a 43% return over the past 12 months and about 22% return since the beginning of this year.
Recently, Ambuja Cement announced a ₹1,600 crore investment in Bihar to set up a 6 MTPA cement grinding unit. This project will be completed in three phases. The first phase, with an investment of ₹1,100 crore, will be finished by December 2025.
The project is expected to generate ₹250 crore in annual revenue for the state government and create 250 direct and 1,000 indirect jobs. This investment is the largest ever by a cement company in Bihar.
