Ambuja & other promoter of cement co Sanghi to sell 4%

MUMBAI: Sanghi Industries' promoters Ambuja Cements and Ravi Sanghi will sell about 4% of the building materials maker through the offer-for-sale route. The floor price for the OFS has been set at Rs 90 apiece.

The shares of Sanghi Industries closed at Rs 102 apiece on the BSE on Tuesday. The OFS will open on June 26 for non-retail investors and on June 27 for retail investors on the stock exchanges. The OFS is being undertaken to achieve the minimum public shareholding of Sanghi Industries, the company said.

Ambuja Cements will sell nearly 2.4% or 60.9 lakh shares of Sanghi Industries while Ravi Sanghi will sell about 1.2% or 30 lakh shares of the company. As of March 31, promoters held 79% of the Saurashtra-based cement maker. After the conclusion of the OFS, promoters will hold 75% of Sanghi Industries, in line with Sebi's rules of having at least 25% equity in free-float.

In March, the promoters offloaded 2% of Sanghi Industries in the open market for Rs 258 apiece. In Aug 2023, Ambuja Cements - owned by Gautam Adani and family - bought a majority stake in Sanghi Industries from Ravi Sanghi for an enterprise value of Rs 5,000 crore. Incorporated in June 1985, Sanghi Industries has a manufacturing facility in Gujarat's Kutch region - it is the country's largest single-location cement and clinker unit.

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