Ambuja Cements Ltd said on Tuesday it had issued warrants of Rs 47.74 crore to the Adani family business Harmonia Trade and Investment and raised Rs 5,000 crore. Ambuja Cement, now part of Adani Cement, has issued warrants of Rs 47.74 crore at Rs 418.87, according to a regulatory filing by the company.

It added that under the terms and conditions, the Adani Group family contributed Rs 5,000.15 crore, which is “25% of the limited issue price”. It added that the face value of the warrants issued preferentially to Adani Group companies is Rs 2.

Shareholders of Ambuja Cements approved proposals at the company’s extraordinary general meeting on October 8, including a resolution to raise Rs 20,000 crore from the Adani family business through the issue of warrants and the appointment of Gautam Adani and director of the company’s board of directors.

At the EGM, Ambuja Cements sought approval for a preferential allocation of Rs 47.74 crore warrants in one or more tranches of Rs 20,001 crore to Harmonia Trade and Investment Ltd at Rs 418.87 crore.

Ambuja had said that the warrant holders would pay a minimum of Rs 104.72, which is about 25% of the issue price at the time of subscription, and a further payment of Rs 314.15 upon exercising the right to convert into equity.

According to Ambuja Cements, the rights issue was conducted by the provisions of the Securities and Exchange Board of India (Issuance of Capital and Disclosure Requirements) Regulations 2018 and other applicable guidelines.
Shares issued upon conversion of the warrants will be listed on BSE Limited and National Stock Exchange of India Limited,” it said.

After being acquired by the Adani Group, Gautam Adani is now the Chairman of the Board of Ambuja Cements. Ambuja Cements also owns 50.05% of ACC Ltd.

Last month, Adani Group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of $6.5 billion, including the acquisition of Swiss major Holcim’s shares in both companies and subsequent public offerings to minority shareholders.

After the acquisition, Adani Group pledged its entire stake in Ambuja Cements and ACC Ltd to Deutsche Bank Hong Kong for $13 billion.

Adani acquired Ambuja Cement and ACC through Mauritius SPV Endeavor Trade and Investment Limited (ETIL), owned by Xcent Trade and Investment Ltd (XTIL).