Ambuja Cement has received shareholders’ approval for all proposals, including a resolution to raise Rs 20,000 crore from a Adani Group firm and appointment of Gautam Adani and others on the board of the company.
The special resolution proposed to raise Rs 20,000 crore by issuing securities on a preferential basis to Harmonia Trade and Investment Ltd an Adani Group entity, with 91.37 percent votes, Ambuja Cements said in a regulatory update.
Resolutions to appoint Adani Group Chairman Gautam Adani his son Karan Adani and two Directors and Four Independent Directors on the boards of Ambuja Cements were also approved by the shareholders.
The shareholder also approved all special resolutions related to the appointment of independent directors, the amendment to the Articles of Association (AoA), and the change of its registered office to Ahmedabad-based Adani Corporate House.
Last month the Adani Group announced the completion of the acquisition of Ambuja Cements and ACC for a total consideration of USD 6.5bn (about Rs 53,000 crore) which includes the buyout of Swiss major Holcim’s stake in the two firms’ subsequent open offers to minority shareholders.
Days after the acquisition, the Adani Group pledged its entire stake in Ambuja Cements and ACC Ltd worth USD 13bn (around 1.07 lakh crore) to the Hong Kong brand to Deutsche Bank. Adani acquired Ambuja Cement and ACC through Mauritius-based SPV Endeavour Trade and Investment Limited (ETIL) which is owned by Xcent Trade and Investment Ltd (XTIL).