Star Cement Responds to Speculative Acquisition Reports, Denies Ongoing Discussions with Adani Group

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Star Cement Responds to Speculative Acquisition Reports, Denies Ongoing Discussions with Adani Group

Sandip Raj Gupta

04/Dec/2024

What's Covered:

Star Cement denies reports of a potential acquisition by Adani-led Ambuja Cement.
The company clarifies the news is speculative and factually incorrect.
Star Cement assures ongoing compliance with SEBI regulations in its disclosures.

On December 4, 2024, Star Cement Limited responded to a news item published on Economictimes.indiatimes.com, which reported a 9% surge in its stock due to speculations about a potential acquisition by the Adani-led Ambuja Cement. In a formal letter to the BSE Surveillance, the company denied any ongoing discussions or negotiations regarding such an acquisition.

The letter was issued in response to BSE’s request for clarification following the appearance of similar reports in the media. The company clarified that the news item, as reported by the Economic Times, was purely speculative and factually incorrect. The company also referred to its earlier clarification issued to the stock exchanges on the same day in response to an article in Moneycontrol that carried a similar report.

In its letter, Star Cement explicitly stated that it was not engaged in any discussions regarding the potential acquisition by Adani Group or any of its entities. The company reassured the stock exchanges and investors that it would continue to adhere to all regulatory requirements and would make disclosures in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The company’s letter was signed by Debabrata Thakurta, the Company Secretary of Star Cement Limited, who assured the BSE that the clarification should be taken on record to inform the members of the exchange.

Star Cement Limited is listed on the BSE under the stock code 540575.

The clarification has been issued to clear any misunderstandings caused by the speculative news, and the company has stressed that all its actions remain aligned with regulatory obligations, ensuring transparency in all its dealings with investors.

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Star Cement Responds to Speculative Acquisition Reports, Denies Ongoing Discussions with Adani Group

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