Business News | Ambuja Cements Surges 10 Per Cent on Adani's Fund Infusion Plan
Get latest articles and stories on Business at LatestLY. The share price of Ambuja Cements Limited surged by over 10 per cent on Monday to hit a fresh lifetime high after Adani Group, which completed the acquisition of the firm last week, announced Rs 20,000 crore fund infusion plan.
Mumbai (Maharashtra) [India], September 19 (ANI): The share price of Ambuja Cements Limited surged by over 10 per cent on Monday to hit a fresh lifetime high after Adani Group, which completed the acquisition of the firm last week, announced Rs 20,000 crore fund infusion plan.
On the BSE, Ambuja Cements Limited's share closed 9.32 per cent higher at Rs 564.40.
The scrip surged to a high of Rs 572.25 in the intra-day gaining more than 10 per cent from its previous session's close at Rs 516.30.
The share price of Ambuja Cement Limited hit a fresh lifetime high a couple of days after Adani Group completed the acquisition of the firm.
The Adani Family, through Endeavour Trade and Investment Ltd ("BidCo"), a special purpose vehicle, last week successfully completed the acquisition of Ambuja Cements Ltd and ACC Ltd.
The transaction involved the acquisition of Holcim's stake in Ambuja and ACC along with an open offer in both entities as per SEBI Regulations. The largest acquisition in India's Infrastructure and Materials space is valued at $6.50 billion. Post the transaction, Adani will hold 63.15 per cent in Ambuja Cements and 56.69 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
The company's new board, post the acquisition by Adani Group, approved fund infusion of Rs 20,000 crore by way of preferential allotment of 47.7 crore convertible warrants at a price of Rs 419 to the promoters.
Adani Group has now become the second largest cement producer in the country.
Addressing an event to mark the completion of the acquisition, Adani Group Chairman Gautam Adani announced plans to double cement manufacturing capacity of the newly acquired firms.
Adani also announced that Ambuja Cements would become the most profitable cement manufacturer in the country in the medium-to-long term. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)