Adani is obviously the newsmaker. The group, over the weekend, bid aggressively and won to take a controlling stake in Holcim’s India business, which is Ambuja Cement and ACC. This was acquired for $10.5 billion  (around Rs 81,361 crore, including open offers), nipping others in the bid like JSW Cement and UltraTech Cement.

Holcim holds 63.19% stake in Ambuja Cement and 54.53% stake in ACC Cement, of which 50.05% is held through Ambuja Cement.  

Adani Cement has to make a mandatory open offer to acquire an additional 20% stake in Ambuja Cement. And as per that, the group has proposed to acquire up to 48.96 million equity shares, which is 26% of ACC at a price of Rs 2,300 per share via an open offer. It will buy 516 million shares or 26% stake of Ambuja Cements at a price of Rs 385 per share.

Following this news, both the stocks have rallied upwards. ACC rose up almost 8.5% to an intraday high at Rs.2288.15 and Ambuja Cement was up over 5% to Rs.377.50.