NEW DELHI: Adani Group owned-Ambuja Cements on Tuesday revised the price of its open offer for Gujarat-based cement maker Sanghi Industries to Rs 121.90 from Rs 114.22 per share. Ambuja on Tuesday said that it has acquired 14 crore equity shares of Sanghi Industries, representing 54.51% equity of the company, at Rs 121.90 per equity share.
The remaining 57 lakh equity shares of the promoter group, representing 2.23% of the company, will be acquired separately at the revised price. ACL in August had announced plans to acquire a 56.74% stake in Sanghi Industries from its existing promoter group - Ravi Sanghi & family.
The deal was then done at an enterprise value of Rs 5,000 crore. The revision in offer price has pushed the enterprise value to Rs 5,185 crore. As per a statement from Ambuja, Sanghi’s cement factory, located in Gujarat’s Kutch region, is the country’s largest single-location cement and clinker unit by capacity. The acquisition also includes a captive jetty and a power plant.