CAM, Khaitan act on Ambuja Cements ₹8,100 crore acquisition of stake in Orient Cement

The Adani group owned Ambuja cements, in an exchange filing, confirmed that it would be acquiring a 46.8% stake in Orient Cement Ltd, valued at Rs 8,100 crore. The transaction will involve purchasing shares from Orient Cement's promoters and select public shareholders at a price of Rs 395.4 per share.

The acquisition is expected to two phases: Ambuja will first acquire 37.9% from the promoters and then 8.9% from certain public shareholders, as detailed in a stock exchange filing. Additionally, Ambuja plans to initiate an open offer for 26% of Orient Cement’s expanded share capital at the same share price. This deal will enhance Ambuja's cement capacity by 16.6 million tonnes per annum (MTPA), which includes 8.5 MTPA currently operational and 8.1 MTPA under development.

Cyril Amarchand Mangaldas acted for Ambuja Cements in this stake acquisition transaction.

The transaction was done under the strategic guidance of Cyril Shroff, Managing Partner; and L. Viswanathan, Senior Partner; and was headed by Ruetveij Pandya, Partner; with support from Abhilasha Malpani, Principal Associate; and Disha Tulsyan, Associate

Paridhi Adani, Partner; and Smruti Shah, Partner; provided inputs on certain key aspects of the transaction.

The Competition Law advisory team was led by Avaantika Kakkar, Partner & Head - Competition Law; and Aman Baroka, Principal Associate.

Mining and electricity related inputs were provided by Ramanuj Kumar, Partner; and Nishikant Sao, Partner Designate; and Real Estate inputs were provided by Abhilash Pillai, Partner.

Due diligence support was provided by Viraj Gami, Principal Associate;  and Tanvi Apte, Associate;  provided transaction support.

Khaitan & Co advised the controlling shareholders of Orient Cement in relation to the sale of their equity shares in OCL to Ambuja Cements.

The core team consisted of Abhishek Dadoo (Partner), Gaurav Malhotra (Counsel) and Jayantika Khanna (Principal Associate) with assistance from the following:

Provided strategic advice on the Proposed Transaction: Haigreve Khaitan (Senior Partner);

Competition law related aspects: Anshuman Sakle (Partner);

Tax related aspects of the: Sanjay Sanghvi (Partner) and Raghav Kumar Bajaj (Counsel);

Intellectual Property related aspects: Shailendra Bhandare (Partner).

Here is the BSE disclosure by Ambuja Cements on the deal