Ambuja Cements, part of the Adani Group, announced the signing of a binding agreement to acquire Orient Cement Ltd (OCL) for an equity value of ₹8,100 crore on Tuesday, October 22. Ambuja will purchase a 46.8 per cent stake in OCL from its existing promoters and select public shareholders for ₹395.40 per share, the company said in an exchange filing. Additionally, the Adani Group company will make an open offer for an additional 26 per cent at ₹395.40 to the shareholders of Orient Cement. “The Open Offer shall be completed in accordance with the provisions of the SAST Regulations,” the company added.The deal is likely to be executed in the next three to four months and will be financed through internal accruals.
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