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Axis Securities Report
Ambuja Cements Ltd. in its meeting held on September 16, 2022 has decided to bring capital through equity infusion by issuing warrants (477.48 million) of Rs 2 each at a price of Rs 418.87/share totaling Rs 20000 crore to Harmonia Trade and Investment, a promoter group entity.
This will entail an equity dilution of 24.05%. With the conversion of warrants into equity the promoters equity stake in the company will rise to 70.36% from the current 63.23% thereby increasing promoters stake in the company by 7.13%.
The warrants will be converted within 18 months from the date of the issue in one or more tranches. The payment for above warrants will come in two tranches.
Ambuja Cements will receive upfront payment of 25% on subscription and allotment in CY22E and the balance 75% in CY24E on conversion of these warrants at the price stated above.
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