Ambuja Cements completes acquisition of promoters’ 37.8% stake in Orient Cement

Adani Group-owned Ambuja Cements has accomplished the acquisition of 37.8 per cent promoters’ stake of CK Birla group agency Orient Cement Ltd (OCL) and has turn into a promoter. With this, the full shareholding of Ambuja Cements in OCL has gone as much as 46.66 per cent, because it has additionally acquired 1.82 crore share representing 8.87 per cent from public shareholders of OCL.

“Ambuja has accomplished the acquisition of seven,76,49,413 fairness shares (representing 37.79 per cent of fairness share capital) of the corporate from the promoter group,” stated a regulatory submitting from OCL.

Pursuant to the acquisitions from the promoter group and public shareholders, Ambuja has acquired sole management of OCL and has turn into the promoter of the corporate, it added.

Final October, Ambuja Cements had introduced to amass OCL at a valuation of Rs 8,100 crore as a part of its growth drive.