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Ambuja, ACC gain up to 10% on merger plans
Shares of Ambuja Cements and ACC Ltd surged up to 10 percent on Monday after both the companies decided to explore merger between them.
New Delhi: Shares of Ambuja Cements and ACC Ltd surged up to 10 percent on Monday after both the companies decided to explore merger between them.
Ambuja Cements' stock zoomed 9.82 percent to Rs 270.50 on BSE.
Shares of ACC climbed 5.95 percent to Rs 1,753.85 -- its 52-week high.
ACC Ltd and Ambuja Cements -- the two Indian units of the world's largest cement producer LafargeHolcim -- have decided to explore merger between them, ending months of speculation.
The boards of the two companies, at their separate meetings on Friday, decided to commence an evaluation of a potential merger.
The step has been taken with view to combining the strengths of both businesses so as to benefit all stakeholders, the two companies said in separate statements.
If the proposed merger goes through, the combined entity will have a turnover of over Rs 20,425 crore based on their respective revenues in 2016.