Ambuja Cement takes over Sanghi Industries, Rs 5000 crore deal

Adani Group's Ambuja Cement has completely taken over Gujarat-based Sanghi. The enterprise value of the company was Rs 5,000 crore. As per the exchange filing, Adani Groups has acquired 14.66 crore shares, which is 56.74 percent of the total shares.
Ambuja Cement will make an open offer to minority shareholders of Sanghi Industries for up to 26 percent or over 6.71 crore shares of the company at Rs 114.22 per share. The takeover value of Sanghi's shares is Rs 2,950.6 crore. If the open offer is successfully subscribed, it will be valued at Rs 2,441.37 crore along with the open offer for a stake of 82.74 per cent.
Today on Thursday, the stock of Sanghi Industries rose by 4.99 percent to Rs 105.76 on BSE. At the same time, shares of Ambuja Cement also climbed 3.48 percent to Rs 477.
Last year, Adani Group acquired ACC Limited. After which it has become the second-largest cement manufacturing company. The annual capacity of the company is 65.7 million tonnes. The company is planning to double the cement capacity in the next five years.
Sanghi Cement is a brand of Sanghi Industries. It started in 1985. Sanghi Cement has a grinding capacity of 6.1 million metric tonnes per annum and a clinker capacity of 6.6 million metric tonnes per annum. The company also has a 130 MW captive thermal power plant. The company also has a captive port that handles 1 MTPA cargo. Sanghi Cement sells cement in the country as well as abroad.
Ravi Sanghi, the promoter of Sanghi Industries, holds a 72.72 percent stake, according to the BSE exchange. 98.88 percent of shares of the company have been pledged.