Adani Group company Ambuja Cement to buy a stake of Rs 8100 crore in Orient Cement, know details.
Ambuja-Orient Cement Deal: Cement giant Ambuja Cement has offered to acquire an additional 26% stake in Orient Cements. This information was given in the company's statement sent to the stock exchange. Ambuja to acquire Orient Cement at an equity value of Rs 8,100 crore; to make an open offer to acquire an additional 26. Adani Group-owned cement maker Ambuja Cement has acquired Orient Cement Limited (OCL) at an equity value of Rs 8,100 crore to achieve 100 MTPA cement production capacity in FY25 and increase its share in the indian market by 2%. It was announced on Tuesday.
Cement giant Ambuja Cement will buy a total of 46.8% stake in Orient Cements. The company has also offered to acquire an additional 26% stake. According to the company statement sent to the stock exchange, "Within 3-4 months, the deal will be completed as per the open offer provisions. The open offer is being made at Rs 395.40 per equity share, determined as per SAST (Substantial Acquisition of Shares and Takeovers) regulations."
After the announcement of the acquisition deal, the shares of both the respective cement companies were seen trading in the green. By 9:20 am, Ambuja shares rose 1.49% to Rs 580, while Orient Cement shares were seen trading 1.65% higher at Rs 358.25.
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