In a significant move, Holderind Investments Ltd, a key promoter group entity of Ambuja Cements, has launched a block deal to offload a 2.84 percent stake in the company, aiming to raise $500 million, according to a report by Moneycontrol.
The floor price for the block deal has been set at Rs 600 per share, which marks a 5 percent discount from Ambuja Cements’ last closing price of Rs 631.80 per share on August 22. This comes after a remarkable 38 percent rise in the company’s stock price over the past year, underscoring its robust performance in the market.
Investment bank Jefferies is advising Holderind Investments Ltd on the transaction, and the deal is accompanied by a 60-day lock-in period. The promoter group collectively holds a 70.33 percent stake in Ambuja Cements, with Holderind Investments Ltd alone holding a 50.90 percent stake.
Ambuja Cements has not yet responded to inquiries regarding this development. The block deal is expected to draw significant attention from investors, given the company’s strong market performance and the sizable stake being offered.
This transaction could have broader implications for Ambuja Cements and its stakeholders, making it a key event to watch in the coming weeks.
