Orient Cement shares zoom over 5% amid UltraTech’s plans of acquisition
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Shares of Orient Cement surged 5.5% to the day’s high of Rs 323.85 on BSE as UltraTech is in advanced negotiations for the acquisition of the company amid intensifying consolidation efforts in the sector. Kumar Mangalam Birla's flagship UltraTech is in advanced negotiations with the promoter of Orient Cement, his uncle CK Birla, after restarting talks in recent weeks, said people familiar with the discussions to ET. UltraTech is said to have offered a price of Rs 350-375 per share, a 22% premium to the current market price of Rs 307. In the past month, the Orient Cement stock has shot up 45%, hitting an all-time high of Rs 329 on July 1, largely on speculation that an acquisition deal was near conclusion. Kumar Birla's renewed efforts to buy Orient are seen as an attempt to trump Adani Cement and consolidate UltraTech’s position in the southern and western markets, especially Maharashtra and Telangana, after buying a 23% stake in ...