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Ambuja Cements seeks CCI approval to buy majority stake in Orient Cement

Business Standard LogoBusiness Standard1w ago

Ambuja Cements seeks CCI approval to buy majority stake in Orient Cement - Business Standard

Quick Summary:

According to a CCI notice, the proposed transaction is a two-stage acquisition process, initiated through two share purchase agreements (SPAs) on October 22, 2024, will see Ambuja Cements initially acquiring a 46.80 per cent stake in Orient Cement.This includes a 37.90 per cent stake from the current promoter group and an additional 8.90 per cent from certain public shareholders.

Pursuant to the acquisition of shares, it "triggers an obligation on the acquirer to make an open offer under Sebi's SAST (Substantial Acquisition of Shares and Takeovers) rules for acquisition of up to 26 per cent of the expanded share capital of the target (open offer)", according to the notice.

Billionaire Gautam Adani-led Ambuja Cements has sought approval from the Competition Commission of India (CCI) to acquire a majority stake in CK Birla group firm Orient Cement Ltd in a Rs 8,100-crore deal.


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Category: BusinessFinance

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Published On: 2024-11-11 @ 17:55:55 (1 weeks ago)

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News Source URL: business-standard.com

Language: English

Article Length: 536 words

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Copyright Owner: © Business Standard

News ID: 23515010

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