On Wednesday, December 18, 2024, the shares of cement company Sanghi Industries fell 12.35%, reaching a new 52-week low of Rs 67.42 per share. After the business announced on December 17 that the Board of Directors had approved the Scheme of Arrangement between Ambuja Cements Limited (Transferee business) and Sanghi Industries Limited (Transferor Company) and their respective shareholders, the stock fell precipitously.
The agreement with Sanghi Industries and Penna Cement Industries was authorized by the Ambuja Cement board during a meeting on Tuesday. The Adani group company, which also controls ACC Ltd, stated that the merger is pending the necessary permissions and anticipates the deal to be finalized in nine to twelve months. 58.08 percent of Sanghi Industries’ paid-up equity share capital is owned by Ambuja Cements. The business was purchased by it in December 2023.
Sanghi Industries Approves Arrangement With Ambuja Cement
The Board of Directors of Sanghi Industries Limited said that it had approved a Scheme of Arrangement with Ambuja Cements Limited. According to the plan, Ambuja Cements (the transferee company) and Sanghi Industries (the transferor company) should merge. According to the Scheme, there should be 12 equity shares of Ambuja Cements for every 100 shares of Sanghi Industries, pending legislative clearances. Sanghi’s 6.1 MMTPA cement capacity and 6.6 MMTPA clinker facility will be fully integrated by the transaction.
Following the merger, some of Sanghi Industries’ promoter owners will be reclassified as Ambuja Cements’ public shareholders, somewhat changing the company’s shareholding structure. Ambuja’s plan to increase and strengthen its market position within the Adani Group portfolio is in line with this action.
Sanghi Industries share price
Sanghi Industries is currently selling at Rs 66.95, -1.20% below its most recent closing price. Prices for Sanghi Industries have ranged between 68.80 and 66.30. In the past five days, Sanghi Industries has given -15.49% and -46.64% this year. Sanghi Industries has one analyst who has started covering it. Only one analyst has rated it as a buy, and none have given it a strong buy recommendation. The stock is rated as a sell by 0 analysts. The company’s previous quarter net profit was -195.68 crores.
