New Delhi: Shares of Ambuja Cements rose nearly 4 per cent to hit 52-week high on Friday after the company announced the acquisition of Penna Cement Industries Ltd (PCIL) at an enterprise value of Rs 10,422 crore.
The stock jumped 3.86 per cent to hit a 52-week high of Rs 690 on the BSE.
On NSE, it rose 3.68 per cent to Rs 689 - its 52-week high.
Adani Group company Ambuja Cements on Thursday announced the acquisition of Penna Cement Industries Limited.
The deal will increase Adani's market share in cement in southern India and provide entry into Sri Lanka, where Penna Cement Industries Ltd operates a unit through a local subsidiary.
Additionally, the deal will also provide ample limestone reserves to the growth-hungry Adani group company, which is looking to achieve 140 MTPA (million tonnes per annum) capacity by FY2028.
A binding agreement for the acquisition has been signed and Adani Group company Ambuja Cements will acquire 100 per cent shares of PCIL from its existing promoter group P Pratap Reddy and family, a statement said.
After the acquisition, Adani Cement's total production capacity will increase to 89 MTPA.
"The acquisition will be funded entirely from internal accruals," Ambuja Cements said.
The stock jumped 3.86 per cent to hit a 52-week high of Rs 690 on the BSE.
On NSE, it rose 3.68 per cent to Rs 689 - its 52-week high.
Adani Group company Ambuja Cements on Thursday announced the acquisition of Penna Cement Industries Limited.
The deal will increase Adani's market share in cement in southern India and provide entry into Sri Lanka, where Penna Cement Industries Ltd operates a unit through a local subsidiary.
Additionally, the deal will also provide ample limestone reserves to the growth-hungry Adani group company, which is looking to achieve 140 MTPA (million tonnes per annum) capacity by FY2028.
A binding agreement for the acquisition has been signed and Adani Group company Ambuja Cements will acquire 100 per cent shares of PCIL from its existing promoter group P Pratap Reddy and family, a statement said.
After the acquisition, Adani Cement's total production capacity will increase to 89 MTPA.
"The acquisition will be funded entirely from internal accruals," Ambuja Cements said.
