The Chandrakant Birla-owned Orient Cement Ltd. has said it is not privy to any discussion, amid media reports of stake sale of the company to the Adani Group.
The cement maker will promptly comply with disclosure obligations "if and when the company becomes aware of any information/event warranting a disclosure", it said in a clarification.
"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 statement said.
Shares of Orient Cement jumped nearly 15% to a 52-week high at Rs 216.50 apiece on the NSE on Wednesday, after media reports claimed Birla has approached billionaire Gautam Adani to sell his promoter stake in the company.
According to shareholding data, the promoter stake in Orient Cement is 37.9%, as on September 2023. CK Birla himself holds 1.54% stake.
In January, the company had refuted reports about Adani Group buying a stake from its founders.
The Adani Group is India's second largest cement producer and owns Ambuja Cements Ltd. and its subsidiary ACC Ltd.
In August, the conglomerate acquired Gujarat-based Sanghi Industries Ltd. to expand its market presence and strengthen its product portfolio in the construction materials sector.
Shares of Orient Cement closed 7.55% higher at Rs 203.60 apiece after the clarification, as compared with a 0.83% declined in the S&P BSE Sensex.
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.
RECOMMENDED FOR YOU
![](https://images.assettype.com/bloombergquint/2024-08-31/y2b8mqj3/SLW_website.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
BLS International Acquires 51% Stake In SLW Media For Rs 80.24 Lakh
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-08-28/0zmd0wmz/FYWzY_3aMAASQVX.jpg?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Orient Technologies Shares List At 40% Premium Over Issue Price
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-08-22/qzl9dgts/Ambuja_Cement_Signboard_on_a_store__Photo_BloombergQuint_.png?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
Adani Promoter Arm Divests 2.84% Stake In Ambuja Cements For Rs 4,250 Crore
![timelogo](/images/amp-time.png)
![](https://images.assettype.com/bloombergquint/2024-08/dc4d8d82-7d1a-4058-b629-6f37952a31b7/photo-1620228885847-9eab2a1adddc.avif?rect=0%2C0%2C3500%2C1969&auto=format%2Ccompress&format=webp&w=75)
UltraTech To Acquire 26% Stake In India Cements With Rs 3,142-Crore Open Offer
![timelogo](/images/amp-time.png)