New Delhi: Ravi Sanghi, promoter of Adani group company Ambuja Cements and Sanghi Industries, will sell 3.52 per cent stake in the Saurashtra-based cement maker.

The offer-for-sale (OFS) will open for non-retail investors on Wednesday and for retail investors on Thursday, Sanghi Industries said in a regulatory filing on Tuesday evening.

"Ambuja Cements and Ravi Sanghi (seller/promoter) propose to sell 90,92,000 equity shares of Sanghi Industries, representing 3.52 per cent of the total issued and paid-up equity share capital of the company," it said.

Shares of Sanghi Industries, in which majority stake was acquired by Adani Group firm Ambuja Cement last year, were trading 0.09 per cent higher at Rs 102.35 on the BSE in morning deals.

If calculated on the basis of current market price, this OFS will yield Rs 93.05 crore.

In last one year, shares of Sanghi Industries reached Rs 151.85 on January 15, 2024.

"The offer will take place on June 26, 2024 and June 27, 2024, on two trading days on a separate window of the stock exchanges, from 9:15 am to 3:30 pm (Indian Standard Time) on both days." Said.

Ambuja Cements holds 60.44 per cent stake in Sanghi Industries as of March 30, 2024, while Ravi Sanghi holds 2.10 per cent.