Ambuja Cements to acquire 46.8% stake in Orient Cement at Rs 8,100 crore valuation

Ambuja Cements to acquire Orient Cement: Ambuja Cements said on Tuesday it would acquire a 46.8 per cent stake in Orient Cement, valuing the company at Rs 8,100 crore ($963.5 million). The Adani-owned cement maker will buy the Telangana-based company's shares at Rs 395.40 per share, an over 12 per cent premium to Orient's last close.

Orient Cement's shares jumped 7.5 per cent 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.