Adani's Ambuja Cements to acquire stake in India's Orient Cement at $964 mln valuation (updated)
22/10/2024 05:16
(Updates with deal details, share move)
Oct 22 (Reuters) - India's Ambuja Cements ABUJ.NS said
on Tuesday it would acquire a 46.8% stake in Orient Cement
ORCE.NS , 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)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Abinaya
Vijayaraghavan)
((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))