Ambuja Cements touches record high as Gautam Adani appointed chairman

BENGALURU: Shares of Ambuja Cements rose nearly 10% to an all-time high on Monday after billionaire Gautam Adani took over as chairman of the company, following Adani Group's takeover.

Gautam Adani, with a net worth of $154.2 billion, is currently ranked third-richest in the world, behind tycoons Elon Musk and Bernard Arnault, according to Forbes.

On Friday, Ambuja said that it was looking to raise $2.51 billion through an issue of convertible warrants to an Adani Group company.

The Adani group ventured into cement-making operations earlier this year with its $10.5 billion acquisition of Holcim AG's cement businesses in India - Ambuja Cements Ltd and ACC Ltd.

Shares of ACC Ltd also rose after Adani's son Karan was made chairman of the board.

Stay informed with the latest Business News on Times of India. Explore the list of Bank Holidays, stay informed about Budget 2025, discover the new Income Tax Slabs, and use the Income Tax Calculator for hassle-free tax planning.

Unlock Investment Potential: Enroll in ET's Stock Valuation Workshop - Batch 3. Secure Your Spot Now!