Ambuja Cements share jump over 4% after multiple block deals | News on Markets
Ambuja Cements share jump over 4% after multiple block deals | News on Markets
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 "cement industry")
Ambuja Cements share, block deals, adani stake
Ambuja Cements shares rose as much as 4.2 per cent BSE on Friday, August 23. The stock soared after the counter saw multiple block deals during the market opening.
As per the data on BSE, around 0.406 million shares changed hands via multiple blockdeals till 9:50 AM. The shares of Ambuja Cements were up 2.01 per cent or Rs 12.7 at Rs 645.6 per share. The market capitalisation of the company at around the same time stood at Rs 1,59,401.04 crore.
As per reports, the billionaire Adani family was looking to sell around 3 per cent of their stake in India’s second-largest cement firm Ambuja Cements. The deal is estimated to fetch around $500 million to the family.
The sale of the shares of Ambuja Cements is part of the family’s plan to manage and balance their $125-billion-strong portfolio (including unlisted companies), accelerate investments across group companies, and induct long-term sovereign fund investors, who are looking to invest in India’s growth story, banking sources said.
In April, Adani family completed the Ambuja warrant subscription and infused Rs 83,390 million which increased its stake in the company by 70.3 per cent.
The Adani group did not comment on the imminent block deals. Reports also suggest that the family may look at selling a small shareholding of between 0.5 per cent and 3 per cent in Adani Power.
First Published: Aug 23 2024 | 10:07 AM IST
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