Affinity Investments, an affiliate of Warburg Pincus will pick up a 9.8 per cent stake in Gujarat Ambuja Cement Ltd (GACL) for Rs 360 crore.
The GACL board today approved the issue of eight million equity shares to Warburg Pincus at a price of Rs 225 each and another eight million warrants convertible into the same number of equity shares at the same price.
The warrants are convertible into shares on or before September 30, 2002. Affinity will get 4.9 per cent in GACL in the first stage when the preferential allotment of equity shares is made.
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Its stake will increase to 9.8 per cent after the warrants are also converted into equity. The Gujarat Ambuja stock gained 1.31 per cent to close the day at Rs 192.75.
The preferential issue, which is subject to shareholder
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