Ambuja Cements, ACC shares rise over 4% ahead Adani Group’s open offer closure

#Acc #AdaniGroup #BSE

Ambuja Cements' stock surpassed its previous high of Rs 443 set on September 8, 2021
The stock has outpaced the market by 17%, compared to a 1% increase in Sensex
ACC shares were trading 4.7% higher on the BSE, at Rs 2446.1

Written By:Yash

Updated: September 06 2022 09:48:30 PM ET

Ambuja Cements shares reached a new high of Rs 457.5, up 4.64% on the BSE in Wednesday’s intra-day trade in an otherwise sluggish market ahead of the close of Adani Group‘s open offer on Friday, September 9. At 12:30 PM, the S&P BSE Sensex was down 0.19% at 59,085.60.

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The cement company’s stock beat its previous high of Rs 443 set on September 8, 2021. In the last month, the stock has outpaced the market by 17%, compared to a 1% increase in the S&P BSE Sensex. Meanwhile, ACC shares were trading 4.7% higher on the BSE, at Rs 2446.1. On November 15, 2021, the stock reached a 52-week high of Rs 2,587.95.

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On August 26, 2022, the Adani family group’s Mauritius-based business Endeavour Trade and Investment made their Rs 31,000-crore open offer to purchase a 26% stake in Swiss firm Holcim’s two Indian listed firms Ambuja Cements and ACC from public shareholders.

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The tendering of shares began on August 26 and will conclude on Friday, September 9, 2022, according to the updated schedule filed by ICICI Securities and Deutsche Equities India, managers of the open offer.

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Holcim inked a formal agreement in May this year for the Adani Group to purchase its company in India, which includes its 63.11% share in Ambuja Cement, which holds a 50.05% holding in ACC, as well as its 4.48% direct stake in ACC. The Adani Group has made an open offer of Rs 385 per share for Ambuja Cements and Rs 2,300 per share for ACC.

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Ambuja Cement and ACC are two of India’s most recognisable construction material companies, with a track record of sustainability and innovation leadership. Their total footprint in India comprises 31 cement manufacturing facilities and 78 ready-mix concrete plants, employing 10,700 people.