Ambuja Cements hits fresh high on ₹20,000 cr fund infusion

Market


MUMBAI: Shares of Ambuja Cements hit 10% upper circuit, touching a fresh lifetime high on Monday amid strong volumes after the company’s board approved a preferential issue of warrants amounting to 20,000 crore to the Adani Group over the weekend.

The stock touched 572, up 10.7% from previous close. Total traded volumes on the BSE stood at 20 lakh shares against the two-week average of 11.75 lakh shares.

Shares of subsidiary ACC Ltd. also rose 3% to 2,684. 

Delivery-based buying and short covering kept Ambuja Cements shares trading near the upper circuit.

The Adani Family, through Endeavour Trade and Investment Ltd, a special purpose vehicle, successfully completed the acquisition of Ambuja Cements Ltd and ACC Ltd, which involved the acquisition of Holcim’s stake in Ambuja and ACC along with an open offer in both entities as per Sebi regulations, the Adani group said in a statement on Friday.

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