India's Ambuja Cements touches record high as Gautam Adani appointed chairman
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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.
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 ($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.
($1 = 79.6200 Indian rupees)
