Adani Group completes Sanghi Industries buyout

NEW DELHI: Billionaire Gautam Adani-owned Ambuja Cements Ltd on Tuesday announced the completion of the acquisition of Sanghi Industries Limited (SIL), at a revised offer price of Rs 121.90 per share.

Earlier in August this year, Ambuja Cements Ltd (ACL) had offered a price of Rs 114.22 apiece for acquiring 26 per cent equity shares of Rs 10 each of Sanghi Industries from its public shareholders.

"In terms of the company's obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 ('Takeover Regulations'), the offer price as defined in the PA shall stand revised to Rs 121.90," Ambuja Cements said in a regulatory filing.

Meanwhile, shares of Sanghi Industries were trading at Rs 129.90 during the afternoon on Tuesday, which is 6.56 per cent higher than the revised offer price.

ACL in a separate statement informed that it "successfully completes acquisition of Sanghi Industries, funded entirely through internal accruals" at an enterprise value of Rs 5,185 crore.

"With the acquisition funded entirely through internal accruals, ACL holds a controlling stake of 54.51 per cent in SIL," it said.

With this, the production capacity of ACL, which also owns ACC Ltd, has increased from 68.5 to 74.6 MTPA (Million Tonnes Per Annum).

"ACL will increase its coastal footprint with this acquisition & by increasing capacity to 15 MTPA across the West Coast markets with states of Gujarat, Maharashtra, Karnataka, Kerala at a very competitive cost based on SIL's strength of low-cost clinker. This additional capacity is to be commissioned over the next 30 months," it said.

On August 3, 2023, ACL had announced that it will acquire 56.74 per cent of Sanghi Industries by acquiring 14.65 crore shares of the company.

As per the share purchase agreement, it acquired 14.08 crore shares of Sanghi Industries from the promoters at a price of Rs 121.90 per equity share. While the remaining 57.56 lakh shares of the promoter group representing 2.23 per cent will be acquired separately, at the same price, informed ACL.

Adani Green Energy gets $1.36 bn financing from international banks' consortium

Adani Green Energy on Tuesday said it has secured a $1.36-billion senior debt facility from a consortium of international banks as part of its construction financing framework.

The $1.36-billion senior debt facility will enhance the company's funding pool to $3 billion since initial project financing in March 2021, as per a statement. AGEL, India's largest and world's leading renewable energy player, announced a follow-on funding of $1.36 bn to further boost its construction financing framework to $3 billion backed by the consortium. The green loan facility will play a pivotal role in enabling the development of AGEL's next milestone, the world's largest renewable energy park at Khavda in Gujarat, it said.