Ambuja Cements Limited has received unconditional approval from the Competition Commission of India (CCI) for its planned acquisition of Orient Cement Limited. This approval, granted under Section 31(1) of the Competition Act, 2002, marks a significant step forward in the company’s expansion strategy.
The acquisition includes two major share purchase agreements:
- The purchase of 7,76,49,413 equity shares, representing 37.90% of Orient Cement’s existing share capital.
- The purchase of 1,82,23,750 equity shares, representing 8.90% of Orient Cement’s existing share capital.
Additionally, Ambuja Cements has launched an open offer for 5,34,19,567 equity shares, constituting 26% of the expanded share capital, at an offer price of ₹395.40 per share for public shareholders.
This approval paves the way for Ambuja Cements to consolidate its position in the cement industry, strengthening its market presence through this strategic acquisition.
