Adani Group company Ambuja Cement will undertake stake of 8100 crores in Orient Cement
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.
To reach 100 MTPA of cement production capacity in FY25 and achieve a 2% market share in India, Adani Group-owned cement company Ambuja Cement bought Orient Cement Limited (OCL) for an equity value of Rs 8,100 crore. The news was released on Tuesday.
Cement major Ambuja Cement has made an open offer to buy an additional 26 percent stake in Orient Cements. The company said, in a statement to the stock exchange, "The open offer would be consummated within 3-4 months as contained in the provisions. The open offer, being made at Rs.395.40 per equity share, which has been arrived at in accordance with SAST (Substantial Acquisition of Shares and Takeovers) regulations."
Both the respective cement companies' shares were seen trading in the green mark, moving upwards, after the announcement of the acquisition deal. At 9:20 am, Ambuja shares rose 1.49% to Rs 580, while Orient Cement was seen trading 1.65% higher at Rs 358.25.
