BEAMSTART Logo

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

Business Standard LogoBusiness Standard2d 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.


More Pictures

Ambuja Cements seeks CCI approval to buy majority stake in Orient Cement - Business Standard (Picture 1)

or

Article Details

Category: BusinessFinance

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 17:55:55 (2 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 536 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23515010

View Article Analysis

About Business Standard

Business Standard Logo

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 260 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #49

Publisher Details

Frequently Asked Questions

How long will it take to read this news story?

The story "Ambuja Cements seeks CCI approval to buy majority stake in Orient Cement" has 536 words across 19 sentences, which will take approximately 3 - 5 minutes for the average person to read.

Which news outlet covered this story?

The story "Ambuja Cements seeks CCI approval to buy majority stake in Orient Cement" was covered 2 days ago by Business Standard, a news publisher based in India.

How trustworthy is 'Business Standard' news outlet?

Business Standard is a fully independent (privately-owned) news outlet established in 1975 that covers mostly business and finance news.

The outlet is headquartered in India and publishes an average of 260 news stories per day.

It's most recent story was published 2 hours ago.

What do people currently think of this news story?

The sentiment for this story is currently Neutral, indicating that people are not responding positively or negatively to this news.

How do I report this news for inaccuracy?

You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.
  • News ID: #23515010
  • URL: https://beamstart.com/news/ambuja-cements-seeks-cci-approval-17313288039953

BEAMSTART

BEAMSTART is a global entrepreneurship community, serving as a catalyst for innovation and collaboration. With a mission to empower entrepreneurs, we offer exclusive deals with savings totaling over $1,000,000, curated news, events, and a vast investor database. Through our portal, we aim to foster a supportive ecosystem where like-minded individuals can connect and create opportunities for growth and success.

© Copyright 2024 BEAMSTART. All Rights Reserved.