Mumbai16 minutes ago
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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.
Ambuja Cements shares fell by 1.07%
Ambuja Cements shares are seeing a decline of 1.07% today. The company's shares have seen a decline of 3.28% in the last 5 days and 9.04% in 1 month. At the same time, Ambuja Cements has given a return of 36.03% 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.
Ambuja Cements' production capacity will increase with the purchase of Orient Cement.
With the acquisition of Orient Cement, the production capacity of Ambuja Cements will increase to 16.6 million tonnes per annum. This figure also includes Ambuja's existing production capacity of 85 lakh tonnes per annum. With the acquisition of Orient Cement, Ambuja Cements will move closer to the target of 100 million tonnes per annum cement capacity by FY 2025. The company wants to achieve an annual cement capacity of 140 million tonnes by financial year 2028.
