Adani's backed business aids Ambuja Cements raise Rs 50 billion
Cement

Adani's backed business aids Ambuja Cements raise Rs 50 billion

The Finance Committee of Directors gave Ambuja Cements clearance for the preferential issuing of warrants worth more than Rs 50 billion to Adani Group-backed company, Harmonia Trade and Investment through private placement. By giving Harmonia warrants, Ambuja will be better equipped to take advantage of the market's expansion.

Ambuja Cements announced last month that each warrant will be convertible into or exchanged for 1 fully paid-up Ambuja Cements equity share in cash aggregating up to Rs 200 billion, which may be exercised in one or more tranches during the period starting from the date of the warrants' allocation until the expiration of 18 months.

Also read:
Shree Cement appoints new MD for a five-year term
JSW Cement plans to invest in greenfield plants in MP and UP

The Finance Committee of Directors gave Ambuja Cements clearance for the preferential issuing of warrants worth more than Rs 50 billion to Adani Group-backed company, Harmonia Trade and Investment through private placement. By giving Harmonia warrants, Ambuja will be better equipped to take advantage of the market's expansion. Ambuja Cements announced last month that each warrant will be convertible into or exchanged for 1 fully paid-up Ambuja Cements equity share in cash aggregating up to Rs 200 billion, which may be exercised in one or more tranches during the period starting from the date of the warrants' allocation until the expiration of 18 months. Also read: Shree Cement appoints new MD for a five-year term JSW Cement plans to invest in greenfield plants in MP and UP

Next Story
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000