Capitaline

Hot Pursuit 04-Jan-23

Orient Cement clarifies on buzz of Adani Group's possible stake purchase

The cement maker clarified that it is not privy to any such discussion.

In its clarification to the bourses today, 4 January 2023, Orient Cement said: "With regard to the captioned news item, we wish to state that the Company is not privy to any such discussion, and therefore cannot comment on the same. We further wish to clarify that at present there is no material information/announcement, including impending announcement, which in the opinion of the Company may have a bearing on the price/ volume behaviour of the scrip."

The media reported that the Adani Group is in talks with the promoter of C.K. Birla Group-owned Orient Cement to acquire a stake in the company. The owners of Orient Cement could explore divesting part of their stake to fund the company's growth plans. Money from the stake sale could also be used to fund the restructured long-term debt, reports added.

As on 30 September 2022, the promoter stake in Orient Cement stood at 37.9% split between 17 entities.

Orient Cement is part of the CK Birla Grop. It reported net loss of Rs 9.50 crore in Q2 September 2022 as against net profit of Rs 56.88 crore in Q2 September 2021. Net sales rose 0.35% to Rs 615.28 crore in Q2 September 2022 over Q2 September 2021.

Shares of Orient Cement jumped 5.10% to Rs 139.20 on the BSE.

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