Ambuja Cements Limited to acquire Penna Cement Industries Ltd

The Board of Directors of Ambuja Cements Limited at its meeting held today (i.e. 13th June 2024) approved the acquisition of 100% stake in Penna Cement Industries Limited ("PCIL") by way of entering into binding agreement ("Agreement") at an enterprise value of Rs.10,422 Crore (subject to closing adjustments thereto) to be paid in cash.

The acquisition is in line with the Company's strategy to increase its footprint in the cement manufacturing market.

PCIL was incorporated on October 24, 1991 at Hyderabad, Telangana (India) under the Companies Act, 1956 and is in the business of cement manufacturing. PCIL has operations in India and Sri Lanka, directly and through its subsidiaries. The consolidated turnover of PCIL for the last three years - Rs.1241 Crore (FY 23-24), Rs.2002 Crore (FY 22-23) and Rs.3204 Crore (FY 21-22).

Shares of Ambuja Cements Limited was last trading in BSE at Rs. 668.50 as compared to the previous close of Rs. 639.55. The total number of shares traded during the day was 253126 in over 7682 trades.

The stock hit an intraday high of Rs. 675.70 and intraday low of 638.15. The net turnover during the day was Rs. 166970130.00.

Source : Equity Bulls

Keywords

AmbujaCements INE079A01024 Acquisition PennaCementIndustries