Sanghi Ind, Ambuja Cement shares surging
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New Delhi: Shares of Sanghi Industries on Thursday jumped 5 per cent after Ambuja Cement announced the acquisition of a majority stake in the cement manufacturer at an enterprise value of Rs5,000 crore.
The stock rallied 4.99 per cent to touch its upper circuit of Rs105.76 on the BSE. Shares of Ambuja Cement also climbed 3.48 per cent to Rs474.20. Ambuja Cement on Thursday announced the acquisition of a majority stake in Sanghi Industries, one of the leading cement manufactureRsfrom western India, at an enterprise value of Rs5,000 crore. Ambuja Cement, part of Adani Group, will buy 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family. The acquisition will be fully funded through internal accruals, said a statement from Ambuja Cement.
