Orient Cement gains over 8% on reports of stake sale talks with Adani.
Introduction:
On news of talks with Adani over a stake sale, Orient Cement increases by more than 8%.
Currently, the Birla family and Private Investment Vehicles control a stake of Rs 3,890 crore, or 37.9% of the company.
According to a press article, in conformity with takeover legislation, this transfer will result in an open offer for an additional 26% ownership.
Following news that the company’s promoter, CK Birla, had contacted Gautam Adani to sell his shareholding, shares of Orient Cement Ltd have increased by around 8%. At 10am, the stock was up 7.5% from its previous finish on the BSE, trading at Rs 203, while the benchmark Sensex of India gained 66,371 points, down 0.08 percent. Birla resorted to Adani after rejecting initial proposals from other domestic businesses, an ET article said.
Currently, the Birla family and private investment vehicles control a stake of Rs 3,890 crore, or 37.9% of the company. The share price has increased by 65 percent so far this year.
According to the news article, this change will result in an open offer for an additional 26% ownership in accordance with takeover laws, necessitating that the new promoter or controlling organization buy the additional shares from current minority investors.
The Gautam Adani-led group purchased 63.1% of Ambuja Cements and 54.5% of ACC Limited from Holcim of Switzerland last year for $6.4 billion in cash.
The post Orient Cement Gains over 8%. appeared first on ASWGROUPINDIA.
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