Billionaire Gautam Adani and his family has infused Rs 8,339 crore into Ambuja Cements, raising their stake in the company to 70.3% from 66.7%.

This marks the last tranche of the Rs 20,000-crore investment the family had planned to infuse in Ambuja Cements after buying the company from Switzerland's Holcim in 2022. Adanis had acquired about 63.2% of Ambuja Cements in 2022.

They invested Rs 6,661 crore in the firm in March of this year, and another Rs 5,000 crore in October of 2022. According to Ambuja Cements, on Wednesday, 26.5 crore warrants were converted into equity shares at a price of Rs 416.9 per by Harmonia Trade and Investment, a member of the promoter group. The Ambuja stock ended Tuesday's trading session on the BSE at Rs 617 per share. Due to Ram Navami, the stock market was closed on Wednesday.

According to the firm, the capital injection would strengthen Ambuja Cement's financial position and enable it to pursue its growth goals and take advantage of new possibilities in the sector. The company also projects cash flow of Rs 5,000 crore in FY24.

Ambuja Cements intends to increase its capacity from 78.9 million tonnes to 140 million tonnes by 2028. It had stated two days prior that it would pay Rs 414 crore to acquire a 1.5 million-tonne cement grinding factory in Tamil Nadu from My Home Group.

Ambuja Cements holds significant shares in both ACC and Sanghi Industries. It is the second largest participant in the market, after UltraTech Cement of Aditya Birla Group. Sanghi Industries' board of directors will convene on April 22 to discuss a proposal for a fund-raising event.