Ambuja Cements gets shareholder’s approval for issue of equity shares of more than 20,000 crores on preferential basis to Harmonia trading and investment. The issue was approved at the Extraordinary General Meeting (EGM) held on Saturday. The chairman of the meeting was Karan Adani, son of Gautam Adani.
During the meeting, 91.37 percent were in favor of the vote. priority issueWhile 8.63% were against the proposal.
Last month, the board of directors of Ambuja Cements approved 477,478,249 . was approved to issue warrant Each convertible or exchangeable for 1 fully paid-up equity share of the company whose face value is Harmonia to 2 each on a preferential basis.
The issue price for this preferential issue has been fixed 418.87 per warrant.
As per the regulatory filing, each warrant can be converted or exchanged into 1 fully paid-up equity share of Ambuja Cements, which will be in cash in the aggregate. 20,001 crore which can be exercised in one or more installments during the period up to the expiry of 18 months from the date of allotment of warrant.
Earlier, in September, Gautam Adani’s group completed the acquisition of leading Indian cement players, Ambuja Cements and ACC. The group has now become the second largest cement player in the country. Holcim on Friday closed the deal with Adani Group by selling its entire stake in Ambuja Cements 385 per share and in acc 2,300 per share. Total cash income for Holcim was $6.4 billion.
Shares of Ambuja Cements closed on Friday 522.40 each, an increase of 3.24%. The market cap of the company is approx. 1,03,730.11 crores.
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