Ambuja Cements to raise so many thousand crores from Adani Group company, got approval of shareholders

Ambuja Cements Gets Share Holders: Ambuja Cements has got shareholders’ approval to raise Rs 20,000 crore from Adani Group company. Ambuja Cements Limited gave this information to the stock markets. Ambuja Cements has announced that it is going to raise Rs 20,000 crore from Adani Group company. Ambuja Cements has included the proposal to appoint Gautam Adani and others on the board of the company. Ambuja Cements says that it has received the approval of shareholders on all the proposals tabled in its Extraordinary General Meeting (EGM).

What is the claim of the company
Ambuja Cements Company says that it has passed a special resolution to raise Rs 20,000 crore by issuing securities on a preferential basis with 91.37 percent votes to Harmonia Trade & Investment Limited, a unit of Adani Group in the EGM. The shareholders also approved proposals to appoint two directors and four independent directors to the board of Adani Group chief Gautam Adani, his son Karan Adani and Ambuja Cements.

Votes cast so much
Let us tell you that 96.51 percent votes have been cast in favor of the proposal for the appointment of Gautam Adani, while 99.96 percent votes were cast in favor of the proposal for the appointment of Karan Adani. Along with this, the shareholders have also approved all special proposals related to appointment of independent directors, change in Association of Associations (AOA) and shifting of its registration office to Adani Corporate House in Ahmedabad. Gautam Adani has become the board chairman of Ambuja Cements after the acquisition by the Adani Group. This meeting of the EGM is chaired by Karan Adani, son of Gautam Adani.

Voting appeal against Adani Group
Earlier, institutional investor advisory firm IIAS had appealed to the shareholders of Ambuja Cements to vote against the Adani Group. After this, the EGM of all the shareholders has been called by Ambuja Cements. Ambuja Cements holds 50.05 percent stake in ACC Limited.

the biggest acquisition
Let us tell you that the process of acquisition of Ambuja Cements and ACC Limited by Adani Group has been completed. With this Adani Group has become the second largest cement company in the country. Adani Group has acquired Holcim’s stake in Ambuja and ACC through an open offer as per SEBI norms. Adani Group says Holcim’s stake and open offer for Ambuja Cements and ACC is valued at USD 6.50 billion, which is the largest acquisition till date by the Adani Group.

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