Ambuja Cementslive bse livense live Volume Todays L/H More ×Billionaire Gautam Adani-owned Ambuja Cements on June 27 said that its board has approved merging with Adani Cementation Limited, a subsidiary of Adani Enterprises.
Through this proposed scheme, Adani Enterprises will get 8.7 million shares of Ambuja Cements.
The scheme will consolidate cement capacity within the group to bring synergistic benefits for all stakeholders, the company said in a regulatory filing.
Meanwhile, shares of Ambuja Cements on June 27 closed 0.56 percent higher at Rs 660.55 apiece on BSE.
Recently, Ambuja Cements on June 13 said it will acquire 100 percent stake in Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore.
Ambuja Cements
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Billionaire Gautam Adani-owned Ambuja Cements on June 27 said that its board has approved merging with Adani Cementation Limited, a subsidiary of Adani Enterprises.
Through this proposed scheme, Adani Enterprises will get 8.7 million shares of Ambuja Cements. The scheme will consolidate cement capacity within the group to bring synergistic benefits for all stakeholders, the company said in a regulatory filing.
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It will enable Adani Enterprises to absorb the business of Ambuja Cements and enhance its manufacturing capacity to carry out the manufacturing operation more effectively and seamlessly, it added.
Further, Adani Cementation's limestone resource to further enhance Ambuja’s consolidated limestone reserves.
Meanwhile, shares of Ambuja Cements on June 27 closed 0.56 percent higher at Rs 660.55 apiece on BSE.
Recently, Ambuja Cements on June 13 said it will acquire 100 percent stake in Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore. The move comes as Adani targets capacity of 140 million tonne per annum (MTPA) by 2028.
The deal comes as Adani aims to capture 20 per cent market share by FY28 amid robust demand for the building material in the country. "By acquiring PCIL, Ambuja is poised to expand its market presence in south India and reinforce its position as a pan-India leader in the cement industry," the company had said in a statement.
In April, the cement maker signed another agreement to acquire a grinding unit in Tamil Nadu for Rs 413.75 crore, aiming to expand its presence in the South Indian market.
