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TMI BlogCCI approves the proposed acquisition of up to 72.8% shareholding of Orient Cement Limited by Ambuja Cements LimitedX X X X Extracts X X X X X X X X Extracts X X X X ..... CCI approves the proposed acquisition of up to 72.8% shareholding of Orient Cement Limited by Ambuja Cements Limited X X X X Extracts X X X X X X X X Extracts X X X X ..... le of grey cement, including Ordinary Portland Cement (OPC), Pozzolona Portland Cement (PPC), and Pozzolona Composite Cement (PCC). The Acquirer (including its subsidiaries) operates 22 integrated cement plants across India, as well as 10 bulk cement terminals and 21 grinding units. Orient Cement Limited (Target) is involved in the business of manufacturing grey cement, including PPC and OPC. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has three manufacturing facilities at Devapur (Telangana), Chittapur (Karnataka) and Jalgaon (Maharashtra), with distribution in 10 states across India. The proposed transaction comprises of the following steps: (i) Step 1: Acquisition of 46.80% of the issued share capital in the Target by the Acquirer, including 37.90% held by the current Promoter and Promoter Group and 8.90% from certain publ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ic shareholders. (ii) Step 2: Step 1 triggers an obligation on the Acquirer to make an open offer under Regulation 3(1) and 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 for acquisition of up to 26% of the expanded share capital of the Target (Open Offer). Assuming full acceptance of Open Offer, the shareholding of the Acquire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r will stand at 72.8%.
Detailed order of the Commission will follow. X X X X Extracts X X X X X X X X Extracts X X X X
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