TN Electricity Minister denies commercial ties with Adani conglomerate
This is the first reaction of the DMK government following the indictment of the Adani conglomerate in a US court.
The Adani family, the promoter of the Ambuja Cements, has infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6% to 66.7%.
The development has resulted in pushing the stock up nearly 2% on Thursday.
This follows the infusion of Rs 5,000 crore into the company via warrants in October 2022. The promoters have infused Rs 11,661 crore so far in Ambuja after they took control of the cement maker from Holcim.
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Ambuja Cements in a regulatory filing said the fund infusion will play a crucial role in helping increase the group’s cement capacity to 140 million tonnes per annum by 2028.
It will also fuel strategic initiatives such as debottlenecking capex to enhance operational capabilities and ensure scalability, along with improving efficiencies across resources and the supply chain, the company said.
“The additional investment will help boost the company’s financial position, providing it with enhanced capabilities to pursue its ambitious growth plans and capitalize on emerging opportunities in the market,” Ambuja Cements said in a regulatory filing.
“Additionally, it will drive innovation and product enhancement through advanced technology integration, aiming to better serve the growing needs of the sector,” it added.
Ajay Kapur, Whole Time Director and CEO, Ambuja Cements, said, “This infusion of funds provides Ambuja capital flexibility for fast-tracked growth, capital management initiatives and best-in-class balance sheet strength.”
Barclays Bank PLC, MUFG Bank and Standard Chartered Bank acted as advisors for the transaction.
Recently Ambuja Cements sold 51.66 lakh equity shares of Sanghi Industries, which represents around two percent of the paid-up equity of the firm.
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