Ambuja Cements Ltd on Tuesday said it has issued 47.74 crore warrants to Adani family firm Harmonia Trade and Investment and raised ₹ 5,000 crore.
Ambuja Cement, now a part of Adani Cement, has issued 47.74 crore warrants at a price band of ₹ 418.87, said a regulatory filing by the company.
As per the terms and conditions, the Adani group family has contributed ₹ 5,000.15 crore, which is "25 per cent of the Limited issued price", it added.
"We would like to inform you that, the Finance Committee of Directors of the Company, at its meeting held today approved allotment of the warrants of the Company by way of the private placement on a preferential issue basis to Harmonia Trade and Investment Ltd," Ambuja said.
The warrants issued on a preferential issues basis to Adani Group firm have a face value of ₹ 2, it added.
On October 8, the shareholders of Ambuja Cements in an EGM of the company had approved proposals, including the resolution to raise ₹ 20,000 crore from the Adani family firm by issuing warrants and appointment of Gautam Adani and directors on the board of the company.
In the EGM, Ambuja Cements has 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, totalling ₹ 20,001 crore in one or more tranches.
The warrant holder would pay a minimum amount of ₹ 104.72, around 25 per cent 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 into equity shares, Ambuja had said.
According to Ambuja Cements, the allotment has been undertaken in accordance with the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and other applicable guidelines.
"The Equity Shares issued upon conversion of the Warrants so issued will be listed on BSE Limited and the National Stock Exchange of India Limited," it said.
After its takeover by the Adani Group, Gautam Adani is now the Chairman of the board of Ambuja Cements.
Ambuja Cements also owns 50.05 per cent 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, which includes the buyout of Swiss major Holcim's stake in the two firms and subsequent open offers to minority shareholders.
Days after the acquisition, Adani Group pledged its entire stake in Ambuja Cements and ACC Ltd worth $13 billion to the Hong Kong Branch of 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).
