Shares of Ambuja Cements rose nearly 10% to an all-time high on Monday after Indian billionaire Gautam Adani took over as chairman of the company, following Adani Group's takeover.
A dealer selling Ambuja cement speaks on his phone at his shop in Ahmedabad, India, July 28, 2022. REUTERS/Amit Daverose nearly 10% to an all-time high on Monday after Indian 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 200 billion rupees 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
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