Ambuja Cements, Ravi Sanghi to sell 3.52% stake in Sanghi Industries

Sanghi Industries' promoters Ambuja Cements and Ravi Sanghi will sell stakes in the company via offer for sale (OFS), the cement manufacturer said on Tuesday in an exchange filing. The promoters proposed to sell 90,92,000 shares representing 3.52% of the total issued and paid-up equity share capital.

The two-day OFS will open on June 26.

On June 26 (T day), Wednesday, the issue will open only for non-retail investors while for retail investors and those non-retail investors who choose to carry forward their unallotted bids from T day, on June 27, Thursday (T+1 day).

The offer is being made by the sellers for achieving the minimum public shareholding requirement, the filing said.

Ambuja Cements held 60.44% stake in Sanghi Industries as on March 31, 2024.

While Ambuja will off-load up to 60,92,000 shares which comprises 2.36% stake, Sanghi will pare-off 30,00,000 shares or 1.16% stake.

Monarch Network Capital will act as a broker of the deal.

The floor price of the share will be Rs 90. Sanghi Industries shares on Tuesday ended at Rs 102.26 on the BSE, down by Rs 1.68 or 1.62% over Monday's closing price.