Ambuja Cements (NSE:AMBUJACEM, BOM:500425) has received approval from the Competition Commission of India to acquire Orient Cement (NSE:ORIENTCEM, BOM:535754), according to a Tuesday filing to the Indian stock exchanges.
On completion of the acquisition, Ambuja Cement will hold a 72.8% stake in Orient Cement.
In October 2024, Ambuja Cement signed a binding agreement for the acquisition of Orient Cement at an equity value of 81 billion rupees.
The proposed transaction comprises the acquisition of 46.80% of the issued share capital of Orient Cement, including a 37.90% held by the current promoter and promoter group, and an 8.90% stake from certain public shareholders.
Ambuja will then make an open offer to acquire up to 26% of the expanded share capital of the Orient Cement.
Price (INR): ₹477.25, Change: ₹+2.3, Percent Change: +0.47%
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