New Delhi: Ambuja Cement announced that it will acquire 46.8% of Orient Cement Ltd at an equity value of Rs.8,100 crore with an aim of reaching 100 MTPA cement in FY25 and Improving its pan-India market share by 2%. Additionally, the cement gaint makes an open offer to acquire an additional 26% stake, Within 3-4 months, the open offer shall be completed in accordance with the provisions of Substantial Acquisition of Shares and Takeover Regulations.
The open offer is being made at Rs.395.40 per share, which has been determined in accordance with SAST Regulations Informed the company through Stock exchange filling. Shares are both involved in cement players were trading in the green after the announcement of the acquisition deal, ambuja shares went up 1.49% at Rs.580 while shares of Orient Cement were trading at Rs.358.25 up 1.65% at the share price. Ambuja will acquire 46.8% of Orient Cement Ltd from its current promoters and certain public shareholders, the acquisition will be fully funded through internal accruals.
This timed acquisition marks another significant step forward in Ambuja Cements accelerated growth journey, increasing cement capacity by -30 MTPA within two years of Amhuja’s Cement Acquisition said Karan Adani Director of Ambuja Cements. Orient Cement Ltd’s strategic locations quality limestone reserves and requisite statutory approvals present an opportunity to increase cement capacity in the near term to 16.6 MTPA said this statement. Adani Group which is a key player in India’s infrastructure and materials sector with a strong presence in airports, mines, energy, and real state, has been flexing its muscles in another sector crucial to India’s infrastructure growth in cement.
About Ambuja Cement:
Ambuja Cement Limited is one of India’s leading cement and building material companies and a member of the diversified Adani Portfolio the largest and fastest-growing portfolio of diversified sustainable businesses. The company had entered into a strategic partnership with Holcim, the second largest cement manufacturer in the world in 2006 Holcim had in January bought a 14.8
% promoters stake in the GACL for Rs.2,140 crore.
