Shares of Birla Corporation surged 12.5 percent intraday as the company is going to acquire Jojobera and Sonadih cement businesses from Lafarge India. The company either directly or through its wholly owned subsidiary, shall acquire both cement businesses for an enterprise values of Rs 5000 crore.
The transaction would be funded through existing cash reserve and incremental debt, and is subject to approval of Competition Commission of India and other relevant regulatory approvals, as per BSE release. This acquisition includes integrated cement unit in Sonadih, a cement grinding unit in Jojobera, along with Concreto and PSC brands and a excellent management team. It has cement capacity of approximately 5.15 million tonnes per annum (mtpa), with mineral rights over adequate reserves of limestone.
The Sensex is down 301.25 points or 1 percent at 27766.06 and the Nifty is down 79.95 points or 0.9 percent at 8438.60. About 622 shares have advanced, 825 shares declined, and 80 shares are unchanged. Cipla loses 4 percent while Vedanta and Hindalco are down 3 percent. Tata Motors and ONGC are among major losers in the Sensex.
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