Adani infuses Rs 6,661 cr in Ambuja Cements; raises stake to 66.7%
The Adani family, the promoter of the Ambuja Cements, has infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6% to 66.7%.
The Adani family, the promoter of the Ambuja Cements, has infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6% to 66.7%.
Hitting out at the Centre over acquisition of Sanghi Industries by Adani-owned Ambuja Cements, the Congress on Saturday alleged that India’s third-largest cement producer Shree Cement, which was in talks to acquire Sanghi Industries, exited the race after Income Tax Department launched raids against it.
The 30 stock S&P BSE Sensex jumped 300.44 points or 0.51 per cent to close at 59,141.23 points against its previous session's close at 58,840.79 points. Earlier, the Sensex started the day in the red at 58,747.31 points and fell to a low of 58,487.76 points in the early morning trade. The markets witnessed good buying support later in the day. The Sensex rose to a high of 59,277.55 points in the intra-day.
Shares of Ambuja Cements jumped sharply on Monday to hit an all-time high after the formal acquisition of the cement maker by the Adani Group.
"ACC has a long-standing commitment to fair competition as reflected in its Code of Business Conduct," the company added.
