/ Orient Cement To Acquire 74% Stake In Bhilai Jaypee Cement ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 31 May 2017

Orient Cement on Wednesday informed that it has signed a definitive agreement for the acquisition of 28,09,66,752 equity shares (74%) of Bhilai Jaypee Cement ('BJCL') from Jaiprakash Associates ('JAL') and its nominee for a for a total enterprise value of Rs. 1450 crore.

The company has also signed a crucial agreement for the acquisition of the Nigrie Cement Grinding Unit ('Business Undertaking') as going concern from Jaiprakash Power Ventures ('JPVL') for a total consideration of Rs 496 crore, as per BSE filing.

Meanwhile, Orient Cement was up by 1.1% at Rs 148.80 per share at 14:23 hours IST on BSE. The stock hit a high of Rs 160 and a low of Rs 142.20 so far during the day. It witnessed a spurt in the volume by more than 1.76 times.

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