Ambuja Cements news highlights the gained clearance from the Finance Committee of Directors on Tuesday for the preferential offer of warrants worth more than 5,000 crores to the Adani Group-backed entity Harmonia Trade and Investment via private placement. The issuance of subpoenas to Harmonia is designed to position Ambuja to capitalize on the market expansion.

Harmonia received 477,478,249 warrants with a face value of 2 each from the Ambuja Cement at an issue price of 418.87 each. Warrants have a paid-up value of 104.72 each, which is a minimum of 25% of the issued price.

The transaction was worth Rs. 5,000.15 crores in total.

On September 16, the Gautam Adani-backed Group became the second-largest cement company after completing the $6.5 billion acquisition of Ambuja Cements and ACC. Adani now owns 63.15% of Ambuja Cements and 56.69% of ACC (of which 50.05% is owned through Ambuja Cements).