Adani group company Ambuja Cements acquires Sanghi Industries at enterprise value of ₹5,000 crore. Shares rise

livemint.com:

Adani group news: Ambuja Cements Ltd (ACL), a flagship Adani Group company, today announced the acquisition of Sanghi Industries Ltd (SIL) at an enterprise value of ₹5,000 crore. ACL will acquire 56.74 per cent shares of SIL from its existing promoter group, Ravi Sanghi & family. The acquisition will be fully funded through internal accruals.

After the outbreak of this stock market news, Ambuja Cements share price opened with an upside gap and went on to hit intraday high of ₹468.50 apiece on NSE, logging more than 1.50 per cent rise within few minutes of stock market's opening bell today. Sanghi Industries share price also ascended during early morning deals. Sanghi Industries share price today opened upside and went on to hit intraday high of ₹105.40 apiece on NSE, hitting new 52-week high within few minutes of stock markets opening bell on Thursday.

Declaring the acquisition of Sanghi Industries by Adani group company, Gautam Adani, Chairman of the Adani Group said, “This landmark acquisition is a significant step forward in Ambuja Cements’ accelerating growth journey," adding, "By joining hands with SIL, Ambuja is poised to expand its market presence, strengthen its product portfolio, and reinforce its position as a leader in the construction materials sector. With this acquisition, the Adani Group is well on course to achieve its target of 140 MTPA of cement manufacturing capacity by 2028 ahead of time. With SIL’s limestone reserves of a billion tonnes, ACL will increase cement capacity at Sanghipuram to 15 MTPA in the next two years.