Ambuja Cements Ltd. has completed the acquisition of approximately 9.59 crore equity shares, constituting a 46.66% stake, in Orient Cement Ltd., according to an exchange filing on Tuesday.
In March, the Competition Commission of India cleared Ambuja Cements' proposal to acquire the stake in OCL for Rs 8,100 crore. This includes 37.9% held by the current promoter and promoter group and 8.9% from certain public shareholders, according to the CCI.
Orient Cement has three manufacturing facilities in Telangana, Karnataka and Maharashtra, with distribution in 10 states across India.
Key Managerial Changes
OCL's board has appointed Vaibhav Dixit, whole time director and chief executive officer, as executive director for a term of three years with effect from Wednesday. It has accepted the resignation of Prakash Chand Jain as the chief financial officer and has appointed Kajal Sarda to the position with effect from Wednesday.
The company has also accepted the resignation of Diksha Singh as company secretary, as it has appointed Shrishti Jain to the position with effect from Wednesday.
OCL also appointed two non-executive non-independent directors. They have appointed Vinod Bahety and Rakesh Tiwary with effect from the conclusion of the meeting on Tuesday.
Three independent directors have also been appointed by the company. Sudhir Nanavati, Shruti Shah and Ravi Kapoor have been appointed for a term of three years with effect from Tuesday.
Shares of Ambuja Cements closed 0.17% lower at Rs 577.9 apiece on the NSE, compared to a 0.17% advance in the benchmark Nifty. Shares of Orient Cement ended 1.47% lower at Rs 354.8 apiece.
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