India's Ambuja Cements said on Tuesday it would acquire a 46.8% stake in Orient Cement, valuing the company at Rs 81 billion
Ambuja Cements said on Tuesday it would acquire a 46.8% stake in Orient Cement, valuing the company at 81 billion rupees ($963.5 million).
The Adani-owned cement maker will buy the Telangana-based company’s shares at 395.40 rupees per share, an over 12% premium to Orient’s last close.
Orient Cement’s shares jumped 7.5% to a record high, before trimming most of its gains.
The acquisition will help Ambuja clock volumes of more than 100 million tonnes per annum (MTPA) in the ongoing financial year, the statement added.
($1 = 84.0725 Indian rupees)
Comments
0 comment