Adani Group's Ambuja Cements Limited today (October 22) announced that it will acquire 46.8% stake in Orient Cement Limited (OCL) for Rs 8,100 crore. This deal will be completed by purchasing stocks from the promoters of OCL and some public shareholders at the rate of Rs 395.4 per share.
Ambuja Cements said that the acquisition will take place in 2 phases. Ambuja Cements will acquire 37.9% stake from the promoters of OCL and 8.9% from certain public shareholders. After this the company will launch an open offer to acquire 26% stake.
UltraTech Cement shares rise by 0.69%
UltraTech Cement shares are seeing a rise of 0.69% today. The company's shares have seen a decline of 2.73% in the last 5 days and 8.51% in 1 month. At the same time, UltraTech Cement has given a return of 31.45% in the last 1 year.
Orient Cement shares fell by 1.50%
A decline of 1.50% is being seen in the shares of Orient Cement. The company's shares have seen a rise of 14.27% in the last 5 days and 19.50% in 1 month. Whereas, Orient Cement has given a return of 79.08% in the last 1 year.
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