New Delhi. Adani Group promoter has sold about 2.8 percent stake in Ambuja Cements to investors like GQG Partners for Rs 4,250 crore through open market transactions. The promoter sold Ambuja Cements stake as part of its regular adjustment to maintain its stake in Adani Group at the desired level. Meanwhile, Rajiv Jain-backed GQG Partners bought over 4.39 crore shares (1.78 percent stake) in Ambuja Cements through bulk deals in two separate transactions.
The shares were bought at an average price of Rs 625.50 per share, taking the combined deal value to Rs 2,746.79 crore. Following the deal, Fort Lauderdale-based asset management company GQG Partners’ stake in Ambuja Cements has increased from 1.35 per cent to 3.13 per cent. According to data available on the National Stock Exchange (NSE), Holderind Investments Ltd, the promoter of Ambuja Cements, sold 6.79 crore shares (2.8 per cent stake).
The shares were sold at an average price of Rs 625.50 per share, taking the transaction value to Rs 4,250.64 crore. After the deal, Holderind Investments’ stake in Ambuja Cements has come down to 48.1 per cent from 50.90 per cent. Also, the combined stake of Ambuja Cements promoters has come down to 67.53 per cent from 70.33 per cent. The promoter group led by billionaire Gautam Adani holds shares worth $125 billion in the group’s 10 listed companies.
