GAUTAM Adani-owned Ambuja Cements Ltd on Thursday announced the acquisition of a majority stake in Sanghi Industries at an enterprise value of Rs 5,000 crore, in a first major deal since Adani Group was rocked by allegations of financial misconduct by Hindenburg Research. Ambuja Cements, a part of Adani Cement Ltd (ACL), will buy a 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family.

 

The acquisition will be fully funded through internal accruals, said a statement from Ambuja Cements. Besides, it would make an offer to acquire another 26 per cent or 6.71 crore equity shares from SIL’s public shareholders. “The open offer would be at a consideration of up to Rs 114.22 per sale share,” it said. Adani Group will spend Rs 767.15 crore for acquiring its total amount. The company expects the acquisition to be completed within 3-4 months.