Ambuja Cements Limited (BSE:500425) made an offer to acquire 26% stake in Sanghi Industries Limited (NSEI:SANGHIIND) for INR 7.7 billion on August 3, 2023. As per the transaction, Ambuja Cements Limited will acquire up to 67.16 million shares at INR 114.22 per share. In related transaction, Ambuja Cements Ltd entered into an agreement to acquire 56.74% stake in Sanghi Industries Limited from Ravi Sanghi, Anita Sanghi, Ekta Sanghi, Aditya Sanghi, Alok Sanghi, Sanghi Polymers Private Limited, Samruddhi Investors Services Private Limited, Flarezeal Solutions LLP and Thinkfar Tradelink Private Limited for INR 16.74 billion on August 3, 2023. The transaction is expected to close on October 13, 2023. As on December 5, 2023, the offer price was revised to INR 121.9 per share. SBI Capital Markets Limited Investment Banking Arm acted as financial advisor and Link Intime India Pvt. Ltd. acted as registrar to Ambuja Cements Limited.

Ambuja Cements Limited (BSE:500425) completed the acquisition of 7.93% stake in Sanghi Industries Limited (NSEI:SANGHIIND) for INR 2.5 billion on January 30, 2024.