 "Ambuja Cements")
Ambuja Cements on Tuesday said it has completed the acquisition of Sanghi Industries Limited (SIL), at an enterprise value of Rs 5,185 crore. This is higher than the earlier expected value of Rs 5,000 crore.
As part of the deal's completion, Ambuja Cements also executed a trade (in on and off-market trade) to acquire 54.51 per cent of the voting share capital from the promoters of Sanghi Industries. The company said the acquisition of shares is fully funded through internal accruals.
The trade, the company said, was at a price of Rs 121.90 per equity share, and added the remaining 2.23 per cent of the voting share capital from the promoters will be acquired separately at the same price. The latest price is higher than the earlier approved Rs 114.22 per share price.
Further, Ambuja Cements on Tuesday also agreed to lend an additional Rs 1,810 crore to Sanghi Industries under an inter-corporate deposit agreement, for the repayment of outstanding amounts in relation to the credit facilities availed by Sanghi. In August, Ambuja Cements had approved a provision of an inter-corporate deposit to Sanghi Industries of an amount not exceeding Rs 300 crore.
With the completion of this acquisition, Adani Cement’s total capacity – Ambuja Cements and ACC put together, stands increased to 74.6 million tonnes per annum (MTPA) from 68.5 MTPA.
