Ambuja cements completes acquisition of Orient Cement
NEW DELHI:
Ambuja Cements
, the cement and building material company of
Adani Group
, has completed the acquisition of a 46.66% equity stake in
Orient Cement
.
The acquisition, comprising 9.59 crore equity shares, was executed through two separate share purchase agreements (SPAs) signed in October 2024.
The first SPA covered the purchase of 7.76 crore shares, equivalent to 37.90% of Orient Cement's then share capital. The second agreement accounted for an additional 1.82 crore shares or 8.90%. The company has now formally completed these transactions.
In conjunction with the acquisition, Ambuja Cements had earlier announced an open offer to acquire up to 5.34 crore shares, representing 26% of the expanded share capital of Orient Cement, at a price of ₹395.40 per share. The company confirmed that it will proceed with necessary regulatory actions under the
SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Following a recent allotment of 3.49 lakh equity shares under Orient Cement's employee stock option scheme, the company's paid-up share capital rose to approximately ₹20.55 crore, comprising an equivalent number of shares of face value ₹1 each.
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