Promoters Ambuja Cements, Ravi Sanghi to offload 3.52% stake in Sanghi Industries

Sanghi Industries announced on Tuesday that its promoters, Ambuja Cements and Ravi Sanghi, will sell stakes in the company through an offer for sale (OFS). The promoters plan to sell 9,092,000 shares, representing 3.52% of the total issued and paid-up equity share capital, the company said in an exchange filing.

The floor price for the OFS has been set at ₹90 per share, representing a nearly 12 percent discount to Sanghi Industries' current market price of ₹102.

According to the exchange filing, the OFS will open for non-retail investors on June 26 and for retail investors on June 27.

"Ambuja Cements Limited, the promoter of the Company have conveyed to us, their intention to sell the equity shares to enable us to comply with minimum public shareholding norms," said Sanghi Industries had in a stock exchange filing.

As of March 31, 2024, Ambuja Cements held a 60.44% stake in Sanghi Industries.

Ambuja Cements plans to offload up to 60,92,000 shares, representing a 2.36% stake, while Sanghi Industries will reduce its holding by 30,00,000 shares, equivalent to a 1.16% stake.

Monarch Network Capital will act as the broker for the deal.

The floor price for the shares will be ₹90. On Tuesday, Sanghi Industries shares closed at ₹102.26 on the BSE, a decline of ₹1.68 or 1.62% from Monday's closing price.

On March 26, the company sold 5.166 million equity shares of Sanghi Industries, representing approximately two percent of the firm's paid-up equity, to comply with shareholding regulations.

In December 2023, Ambuja Cements, owned by billionaire Gautam Adani, announced the completion of its acquisition of Sanghi Industries Limited (SIL) at a revised offer price of ₹121.90 per share.

In a separate statement, Ambuja Cements announced that it has "successfully completed the acquisition of Sanghi Industries, funded entirely through internal accruals," at an enterprise value of ₹5,185 crore. The statement added, "With the acquisition funded entirely through internal accruals, ACL now holds a controlling stake of 54.51 percent in SIL."