Adani Group's Ambuja Cements Limited announced today (October 22) that it will invest in Orient Cement Limited (OCL) for Rs. 8,100 crore to buy 46.8% stake. The deal involved OCL's promoters and some public shareholders for Rs. 395.4 per share will be completed by purchasing the stock.
Ambuja Cements said it will acquire this in 2 phases. Ambuja Cement will acquire 37.9% from OCL's promoters and 8.9% from certain public shareholders. After this the company will launch an open offer to buy 26% stake. Orient Cement is a CK Birla Group company. The deal has been done at a price of Rs 395.4 per share.
Shares of Ultratech Cement rose 0.69%
Shares of Ultratech Cement are up 0.69% today. Shares of the company have seen a fall of 2.73% in the last 5 days and 8.51% in 1 month. Also, Ultratech Cement has returned 31.45% in last 1 year.
Shares of Orient Cement fell 1.50%
Shares of Orient Cement are seen down by 1.50%. Shares of the company have seen a gain of 14.27% in the last 5 days and 19.50% in 1 month. Whereas, Orient Cement has returned 79.08% in last 1 year.
The purchase of Orient Cement under this new deal will increase Adani Cement's capacity by 1.66 crore tonnes per annum. It may be mentioned that Adani Cement does business in this sector through Ambuja Cement.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
