Adani Stock Issues Update On Fundraise, Sub-Division & Increase In Authorized Share Capital

Adani group company and part of Ambuja Cements Ltd, Sanghi Industries today issued an update on fundraise, sub-division and increase in the authorized share capital of the company in its latest BSE filing on April 22, 2024. Current market price of Sanghi Industries share on BSE is Rs 94.25 per share with marginal intraday rally of 0.18%. The company has a market capitalisation of Rs 2,447.64 crore. Sanghi Industries shares fell 21% in last 6-months and gave return of 41% in last 1-year. It operates in cement & cement products industry. More details below:

Sanghi Industries Issues New Update On Sub-Division & Increase In Authorized Share Capital: As per the BSE filing dated April 22, "Board of Directors of the Company has, at its meeting held today i.e. on 22nd April, 2024, inter-alia, approved sub-division and Increase in Authorized Share Capital of the Company from existing Rs. 550 Crore divided into 35,00,00,000 Equity Shares of face value of Rs. 10/- each and 2,00,00,000 Preference Shares of face value of Rs. 100/- each to Rs. 2550 Crore divided into 35,00,00,000 Equity Shares of face value of Rs. 10/- each and 220,00,00,000 Preference Shares of face value of Rs. 10/- each and consequent alteration in Clause V of the Memorandum of Association of the Company, subject to the approval of shareholders."

Sanghi Industries Gives Update On Fundraise: The BSE filing further added that Board of the company approved, "proposal for raising of funds by issuance of Non-Convertible Cumulative Redeemable Preference Shares (RPS) of face value of Rs.10/- each aggregating upto Rs. 2,200 crore, in one or more tranches, on private placement basis, subject to approval of the shareholders of the Company."

Sanghi Industries Share Performance & Return: The 52-week high price of Sanghi Industries share on BSE is Rs 156.20 per share (as on 15/01/2024) (as on 28/04/2023), respectively. Sanghi Industries shares offered return of 90% in last 2-years, surged 126% in last 3-years, and soared 55% in last 5-years. The PE of Sanghi Industries is -4.53 and EPS (TTM) is -7.80.

About: Sanghi Industries Limited, part of Ambuja Cements Limited and the diversified Adani Group, is among India's leading cement companies. It has one of the largest single location cement plants in India. Equipped with multi-fuel technology this fully integrated plant includes captive facilities viz. a Thermal Power Plant, all weather Port, Sea terminals at Gujarat & Mumbai and own vessels to cater to demand of its markets. The Company possesses one of the largest limestone reserves in the country, according to its official website.

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The stock highlights the stock split, fundraise and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.