Ambuja to acquire Orient Cement at equity value of Rs 8,100 crore; to make open offer to acquire additional 26% stake
Ambuja Cement on Tuesday announced that it will acquire Orient Cement Ltd (OCL) at an equity value of Rs 8,100 crore.
Additionally, the cement giant make an open offer to acquire additional 26% stake. «Within 3-4 months, the Open Offer shall be completed in accordance with the provisions of the SAST (Substantial Acquisition of Shares and Takeovers) Regulations. The Open Offer is being made at Rs 395.40 per equity share, which has been determined in accordance with SAST Regulations,» informed the company through stock exchange filing.
Shares of both the involved cement players were trading in the green after the announcement of acquisition deal. Ambuja's shares went up 1.49% at Rs 580 while shares of Orient Cement were trading at Rs 358.25, up 1.65% as of 9:20 am.
Ambuja will acquire 46.8% shares of OCL 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 Ambuja’s acquisition,” said Karan Adani, Director of Ambuja Cements.
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