The Adani group's Ambuja Cements on Tuesday announced its third acquisition of the ongoing financial year, with a binding agreement to acquire a 46.8 per cent stake in the C K Birla family-owned Orient Cement Limited (OCL) for an equity value of ₹8,100 crore.
The deal, set to trigger an open offer, will push the Adani group's cement capacity to 97.4 million tonnes per annum (mtpa) but still behind India's largest producer, UltraTech Cement, which has a capacity of 150.7 mtpa.
To meet market regulations, Ambuja Cements will make an open offer at ₹395.40 per share to the public shareholders of OCL. The company, it said, plans to acquire 37.90 per cent from OCL's promoters and another 8.90 per cent from other shareholders under the share purchase agreement. In addition, a further 26 per cent stake in the expanded share capital pursuant to the open offer.
Orient Cement, in Tuesday's trade, closed at ₹343.40 per share, down 2.5 per cent. Ambuja Cements said it will fund the acquisition from internal accruals.
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