Ambuja Cement at new high
Ambuja Cement is up strongly in an otherwise dull market, rising almost 5.5% to hit a new 52-week high today at Rs.511.80.
The stock price has been on the rise for past few days. Today, the reason is – it has announced fund raising plans. It has scheduled a Board meet on 16th Sept’22 to consider raising funds via equity shares, convertibles and / or any other eligible securities, on a rights/preferential or any other permissible mode/ and/or combination thereof as may be considered appropriate.
On the Adani front, after taking a 63% stake in the company from Holcim, the open offer to acquire 26% stake closed on 9th Sept. This automatically extended to ACC too as Ambuja Cements has a 54.53% stake in ACC.
The latest news is that Gautam Adani, his son Karan and nephew Pranav will join the board’s of ACC and Ambuja as the top management is getting overhauled.