Adani Group acquires Sanghi Industries: Deal done for Rs 5000 crore, company’s stock rises 5%.

Adani Group company Ambuja Cement has acquired Sanghi Industries, a Gujarat-based cement company. The value of this deal is 5 thousand crore rupees. According to an exchange filing, Ambuja Cements will acquire 14.66 crore shares of Sanghi Industries Ltd from Chairman and Managing Director Ravi Sanghi, members of the Sanghi family and other promoter entities, constituting 56.74% of the total shareholding. After this deal, the stock of Sanghi Industries is seeing a rise of 5%

Company will bring open offer for 26% stake

Ambuja Cement will make an open offer to minority shareholders of Sanghi Industries for up to 26% stake or over 6.71 crore shares of the company at Rs 114.22 per share.

Shares of Sanghi Industries rose by 5%.

After this news, the share price of Sanghi Industries has also increased. The stock of Sanghi Industries is seeing a gain of 4.98%. After this it has reached Rs 105.40 on NSE. This is its new 52-week high. Apart from this, the stock of Ambuja Cement is also seeing a rise of about 3%. After this rally, it has reached Rs 474.

Aims to double its cement capacity by 2028

Regarding this deal between Ambuja Cement and Sanghi Industries, Adani Group Chairman Gautam Adani said that with this acquisition, we will double our cement capacity by the year 2028. According to Adani, the company is moving towards achieving 140 MTPA target in cement manufacturing. The company aims to make Sanghi Industries the lowest cost clinker company in the country.