ACC shares rose 3.70 per cent to Rs 2,192 on the BSE. On the day, it rose 7.79 percent to Rs.2,288.15.
Ambuja Cements shares closed at Rs 368.10, a jump of 2.59 percent. On the day, it rose 5.21 percent to Rs.377.50.
Gautam Adani’s group announced on Sunday that it has struck a deal to acquire a majority stake in Holcim Ltd’s operations in India for US$10.5 billion, marking the ports-to-energy conglomerate’s entry into the US Cement sector marked.
Adani Group will acquire 63.1 percent of Ambuja Cements Ltd along with related assets. Ambuja’s local subsidiaries include ACC Ltd, also listed.
“The Adani family, through an offshore special purpose vehicle, announced that it has entered into definitive agreements to acquire Switzerland-based Holcim Ltd’s entire stake in two of India’s leading cement companies – Ambuja Cements Ltd and ACC Ltd,” the company said group in a statement.
Holcim, through its subsidiaries, owns 63.19 percent of Ambuja Cements and 54.53 percent of ACC (of which 50.05 percent is held through Ambuja Cements).
“The value of Holcim’s stake and consideration for the open offer for Ambuja Cements and ACC is USD 10.5 billion, making this Adani’s largest acquisition to date and India’s largest infrastructure and materials M&A transaction to date,” says the statement.
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