HeidelbergCement shares settle up 4% amid Adani Group buyout talks

New Delhi: Shares of HeidelbergCement India ended with a gain of 4 per cent on Monday amid reports that the Adani Group is in talks to acquire Indian operations of Germany’s Heidelberg Materials.

The proposed buyout of Heidelberg’s India unit will be led by billionaire Gautam Adani-led Ambuja Cements and could be worth around $1.2 bn (about Rs 10,000 cr), according to the reports.

The stock of the company rose 4.03 per cent to close at Rs 227.40 apiece on the BSE.

On the NSE, it jumped 3.85 per cent to settle at Rs 227.19 apiece.

At the National Stock Exchange (NSE), it soared 17.93 per cent to Rs 258 per piece — its 52-week high.

In terms of volume, 4.88 lakh shares of the company were traded on the BSE, while 1.78 crore shares were traded on the NSE, during the day.

However, stock of Ambuja Cements declined 3.30 per cent to finish at Rs 590.55 apiece on the NSE.

On the BSE, it dropped 3.19 per cent to end at Rs 590.50 apiece on the BSE.

The 30-share BSE Sensex tumbled 638.45 points or 0.78 per cent to settle at 81,050, while NSE Nifty slumped 218.85 points or 0.87 per cent to end at 24,795.75.

HeidelbergCement AG entered India in 2006 with the acquisition of erstwhile Mysore Cement, Cochin Cement, and a JV with Indorama Cement.

After the restructuring and expansion, its installed capacity increased to 5.5 million tonnes.

Following the acquisition of Italcementi in 2016, the group has more than doubled its presence in India.