Sanghi Industries shares tumble 12% on merger with Ambuja Cements
[hfe_template id='11223']
[ad_1]
Shares of Sanghi Industries slumped 12.4% on Wednesday to Rs 67.42 on BSE after the company's promoter Ambuja Cements said it will issue 12 shares for every 100 shares of Sanghi Industries under a merger scheme. Ambuja Cement said on Tuesday that it will merge its acquired companies— Sanghi Industries and Penna Cement Industries— with itself, under separate schemes of arrangement for the subsidiaries. Ambuja Cement as the promoter of the Sanghi Industries, holding 58.08% of equity, said that under the scheme of arrangement with Sanghi Industries, shareholders will get 12 shares of Ambuja for every 100 shares held in Sanghi. In a scheme of arrangement with Penna Cement, Ambuja will pay Rs 321.5 per share for Penna Cement. Ambuja Cements completed the acquisition of Sanghi Industries in December 2023, at a revised enterprise value of Rs 5,185 crore. After a series of acquisitions, Ambuja Cements plans to increase its total cement produc...