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Adani Enterprises surges on anti-trust watchdog nod for Holcim deal

Adani Enterprises surges on anti-trust watchdog nod for Holcim deal

Adani Enterprises surges on anti-trust watchdog nod for Holcim deal
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By CNBCTV18.com Aug 16, 2022 1:06 PM IST (Updated)

Adani Enterprises shares gained 4 percent after the anti-trust watchdog CCI gave its nod to the deal with Holcim on picking the latter's stake in ACC and Ambuja Cement firms.

Adani Enterprises climbed over 4 percent on Tuesday, days after the Competition Commission of India (CCI) cleared the billionaire Gautam Adani-led conglomerate's acquisition of Holcim's stake in cement firms Ambuja Ltd and ACC Ltd.

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In a tweet on Friday, the anti-trust regulator approved the "acquisition of the stake in Holderind Investments, Ambuja Cements and ACC by Endeavour Trade and Investment".
ACC share price was 1.7 percent up at Rs 2,269 apiece in the early trade on Tuesday, while Ambuja Cements' stock price gained 1.3 percent to Rs 391 per share.
Adani Enterprises shares were 4.05 percent up on BSE at the time of writing. The shares of ACC and Ambuja Cements were 0.45 percent and 0.86 percent up, respectively.
Announced in May earlier this year, the proposed combination involves the acquisition of a 100 percent stake in Holderind Investments Ltd by Endeavour Trade and Investment Ltd. Endeavour Trade and Investment Ltd is a Mauritius-based company and belongs to the Adani Group.
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