The board of Ambuja Cements has approved the conversion of 21.20 crore warrants into shares of promoter entity Harmonia Trade and Investment at the rate of Rs 314.15 per share. The fund's infusion will be instrumental for the cement business of the Adani group, which has plans to enhance its capacity to 140 million tonnes per annum by 2028, according to a statement from Ambuja Cements.
This investment follows an infusion of Rs 5,000 crore by the promoter into the company for exercising the warrants warrants issuance approved by the board in October 2022.
"With this, the Adani family have increased their stake in the company by 3.6 per cent to attain 66.7 per cent holding," said Ambuja Cements which also owns a controlling stake in another cement firm ACC Ltd.
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