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Ambuja Cements seeks shareholders’ nod for Gautam Adani’s appointment on board. Details here | Mint – Mint

Following its acquisition by the Adani family, Ambuja Cements has reportedly called for an extraordinary general meeting with its shareholders on October 8 seeking shareholders’ approval for the appointment of Gautam Adani and others on the board and a 20,000 cash infusion in the company through preferential allotment of warrants, according to news agency PTI report.

Additionally, Ambuja Cements, in the EGM (Extraordinary General Meeting), has reportedly sought approval for allotment of preferential allotment of 47.74 crore warrants at a price band of 418.87 to Harmonia Trade and Investment Ltd, a promoter group entity, totalling 20,001 crore in one or more tranches.

The warrant holder would pay a minimum amount of 104.72, around 25% of the issue price at the time of subscription, and a further payment of 314.15 at the time of exercise of the rights to convert in equity shares, the report said.

Ambuja Cements, which also owns 50.05% in ACC Ltd, has called for an EGM of the shareholders “scheduled to be held on Saturday, October 8, 2022” with 12 resolutions seeking various approvals as the appointment of Adani Group chairman Gautam Adani, his son Karan Adani, two directors and four independent directors on the board.

On Friday, Adani Group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of USD 6.5 billion which includes the buyout of Swiss major Holcim’s stake in the two firms and subsequent open offers to minority shareholders.

The conglomerate named its founder chairman Gautam Adani as the head of Ambuja Cements. It has also appointed his son Karan Adani and M R Kumar representing Life Insurance Corporation on the board of the company. Besides four independent directors, Maheswar Sahu, Rajnish Kumar, Ameet Desai and Purvi Sheth, Ambuja has also appointed independent directors and sought shareholders’ approval through a special resolution. 

Meanwhile, on Friday, after Adani’s takeover, the two cement firms ACC and Ambuja Cements had announced the resignation of their board of directors, including the CEOs and CFOs. It named Ajay Kumar as the new CEO of Ambuja Cements in place of Neeraj Akhoury, and Sridhar Balakrishnan for ACC.

(With inputs from PTI)

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