Company EGM passes resolution to raise ₹20,000 cr by issuing securities on a preferential basis to Adani group’s Harmonia Trade. Gautam Adani, his son Karan Adani also appointed to the Ambuja board.
Ambuja Cements shares have surged 87% in the past six months, from its 52-week low of ₹274 on March 8, 2022, to all-time high of ₹511.8 intraday today.
Ambuja Cements share price gained 4.64% to hit a new all-time high of ₹457.5 on the BSE, amid open offer by Adani Group, which will close on September 9.
RSS affiliate Swadeshi Jagran Manch wants tweaks in tax laws on capital gains for taxing the gains on stock market transactions.
Shares of UltraTech Cement dropped 5% intraday after it announced a capital expenditure of ₹12,886 crore to increase its capacity.
Adani-owned Endeavour Trade and Investment Ltd has made the open offer at a price of ₹385 per share for Ambuja Cements and ₹2,300 per share for ACC Ltd.
There will be no indemnity or tax liability for Holcim, says chief executive Jan Jenisch.
Shares of ACC gained 7.16% to hit a high of ₹2,265, while Ambuja Cements rose 3.5% to ₹371.4 amid heavy volume on deal with Adani group.
The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is around $10.5 billion, making this the largest ever acquisition by Adani.
Ambuja Cements shares rose 29.5% so far this month, from ₹299.2 to over a three-month high of ₹387.45 in intraday trade on Tuesday.
