Ambuja Cements has issued 47.74 crore warrants on a preferential basis to Adani family firm Harmonia Trade and Investment to raise ₹5,000 crore. The company had issued the warrants at ₹418.87 a piece, said Ambuja Cements in a statement on Tuesday.
Shares of Ambuja Cements were down 3 per cent at ₹507 on Tuesday.
On October 8, shareholders in an EGM of Ambuja Cements approved a resolution to raise ₹20,000 crore from the Adani family firm by issuing convertible warrants.
The current issue of warrants was the first tranche leading to overall investment of ₹20,000 crore.
Conversion of warrants
The warrant holder would pay a minimum amount of ₹105 or about 25 per cent of the issue price at the time of subscription and a further ₹314 will be paid at the time of exercise of the rights to convert the warrants into equity shares, said the company. The warrants can be converted into equity in 18 months.
The equity shares issued on conversion of the warrants will be listed on the BSE and the National Stock Exchange of India, it said.
Ambuja Cements also owns 50.05 per cent in its subsidiary ACC.