Shares of Ambuja Cement hit an all-time high of Rs 446.50 in intraday trade on Wednesday, up 2% in intraday BSE trade, ahead of Adani Group’s open offer, which ends on Friday, September 9. The BSE Sensex was down 0.53% at 58,885 at 9.23 am on the S&P.

Shares of the cement company surpassed their previous high of Rs 443 on September 8, 2021. The stock has outperformed the market over the past month, surging 17% compared to the S&P BSE Sensex’s less than 1% gain. Meanwhile, shares of ACC were trading almost 3% higher at Rs 2,398.95 on the BSE. The stock hit a 52-week high of Rs 2,587.95 on November 15, 2021.

Mauritius-based Adani family group Endeavor Trade and Investment launched an offer of Rs 31,000 crore on August 26, 2022, to acquire 26% from public shareholders of Ambuja Cements and ACC, two Indian listed entities of Swiss firm Holcim additional shares.

According to a revised timetable filed by ICICI Securities and Deutsche Equities India, the managers of the open offer bid for shares that opened on August 26 and will close on Friday, September 9, 2022.

In May, Holcim signed a binding agreement with Adani Group to acquire its operations in India, including its 63.11% stake in Ambuja Cement, which holds a 50.05% stake in ACC, and its 4.48% direct stake in ACC. Adani Group bought Ambuja Cements for Rs 385 per share and ACC for Rs 2,300 per share.

Ambuja Cement and ACC are among India’s most iconic building materials brands, leading in sustainability and innovation. Their combined footprint includes 31 cement production sites and 78 ready-mix concrete plants with 10,700 employees in India.