Industrialist CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement after rejecting offers from other buyers. Birla s stake in Orient Cement is 37.9%, with a market value of ₹3,878 crore.
Industrialist CK Birla has approached Gautam Adani to sell his promoter stake in listed Orient Cement after rejecting initial offers from other domestic players for failing to meet his valuation demand, people aware of the talks told ET.
The transition will trigger an open offer for an additional 26% stake in accordance with takeover laws, which mandate an incoming promoter or controlling entity to buy the additional shares from existing minority investors.