Sanghi Industries shares fall 10%; check swap ratio post Ambuja merger – CNBC TV18

Ambuja Cements on Tuesday announced that it will merge the newly acquired entities including Sanghi, with itself.

The Adani Group company announced the acquisition of Sanghi Industries last year, a deal that it completed in December 2023 at an enterprise value of ₹5,185 crore.

In June this year, Ambuja had also announced the acquisition of Penna Cement Industries for an enterprise value of ₹10,422 crore.

Shareholders of Sanghi Industries will receive 12 shares of Ambuja Cements for every 100 shares they own as of the record date. The transaction is likely to be completed in the next 9-12 months.

Record date for the share swap ratio has not been disclosed yet.

This swap ratio is negative for Sanghi Industries as it values the company nearly 11% lower than its closing price on Tuesday.

Shares of Sanghi Industries are currently trading 10% lower at ₹69.1. The stock is down 45% so far in 2024.