Ambuja Cements and Ravi Sanghi to Sell 3.52% Stake in Sanghi Industries

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Synopsis:

Sanghi Industries' promoters are to sell a 3.52% stake, comprising 90,92,000 shares via OFS on June 26-27. This move is to meet public shareholding norms. Ambuja Cements will sell a 2.36% stake, while Ravi Sanghi 1.16%. The floor price is set at ₹90.

Sanghi Industries Stake Sale News Today

Sanghi Industries, a notable cement manufacturer, announced that its promoters, Ambuja Cements and Ravi Sanghi, will be selling stakes in the company through an offer for sale (OFS).

According to an exchange filing on Tuesday, the promoters intend to sell a total of 90,92,000 shares, which represent 3.52% of the total issued and paid-up equity share capital.

OFS Schedule and Participation

The two-day OFS is scheduled to commence on June 26. On this initial day, referred to as T day, the issue will be open exclusively to non-retail investors.

Retail investors, along with non-retail investors opting to carry forward their unallotted bids from T day, can participate on June 27, which is T+1 day.

Purpose of the Stake Sale

The filing specified that the offer is being made by the sellers to achieve the minimum public shareholding requirement mandated by regulatory authorities. The stake sale will ensure compliance and enhance market transparency.

Promoters' Shareholding and Sale Breakdown

As of March 31, 2024, Ambuja Cements held a 60.44% stake in Sanghi Industries. The OFS will see Ambuja Cements offloading up to 60,92,000 shares, which constitutes a 2.36% stake in the company.

Additionally, Ravi Sanghi will pare off 30,00,000 shares, representing a 1.16% stake. This combined sale aims to adjust the public shareholding closer to regulatory standards.

Explore:Ambuja Cements Ltd Share Price

Pricing and Broker Details

The floor price for the OFS has been set at ₹90 per share. Monarch Network Capital will act as the broker for this transaction, facilitating the sale process.

Previous Stake Sale by Ambuja Cements

This move follows an earlier transaction on March 22, where Ambuja Cements sold a 2% stake in Sanghi Industries for ₹258.32 crore. This sale was also aimed at meeting the minimum public shareholding norms, reducing Ambuja's stake from 62.44% to 60.44%.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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