18 Oct 2023 , 12:02 PM
Orient Cement Ltd shares surge by nearly 8% after reports of the promoter, CK Birla, approaching Gautam Adani to sell his stake. At 10 am, the stock is trading at Rs 203 on BSE, marking a 7.5% increase from the previous close, while India’s Sensex is down 0.08% at 66,371 points.
CK Birla turned to Adani after rejecting initial offers from other domestic players that didn’t meet his valuation demands, as reported by ET. JP Morgan had been previously engaged by Birla to find a buyer for his business.
The Birla family and private investment vehicles currently hold a 37.9% stake valued at Rs 3,890 crore.
This move is expected to trigger an open offer for an additional 26% stake in compliance with takeover laws, requiring the incoming promoter or controlling entity to purchase these additional shares from existing minority investors.
In the previous year, the Gautam Adani-led group acquired stakes in Ambuja Cements and ACC Limited through a $6.4 billion cash deal with Switzerland-based Holcim.
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