ACC Ltd shares slipped despite the Adani-owned company announcing that it has successfully completed the full acquisition of Asian Concretes and Cements Private Limited to boost capacity amid robust demand.

Shares of ACC Ltd opened higher at Rs 2,407.10, but stock prices later slid down. At 3 pm, the stock was trading at Rs 2,354.40, 1% lower than the previous closing price on the National Stock Exchange (NSE). 

In an exchange filing, ACC Ltd, a subsidiary of Ambuja Cements, announced that it had acquired the remaining 55% stake in Asian Concretes and Cements from an existing promoter at an enterprise value of Rs 775 crore. 

ACC previously held a 45% stake in the company, resulting in entire ownership of Asian Concretes. As per the filing, the enterprise value includes cash and cash equivalent of Rs 35 crore. 

Through the acquisition, the company aims to enhance its cement capacity. Asian Concretes and Cements, along with its subsidiary Asian Fine Cements Pvt Ltd, has a cement capacity of 2.8 million tonnes per annum (MTPA).