Birla Corporation's shares jump nearly 16% on Lafarge deal

Shares of Birla Corporation zoomed nearly 16% Monday after the company said it will acquire two cement units from Lafarge India having a capacity of 5.15 million tonnes per annum for Rs 5,000 crore.

Following the news, shares of the company soared 15.68% to Rs 524 at BSE.

On the NSE, it jumped 15.7% to Rs 524.70. Birla Corporation in a BSE filing said, "It has agreed to a transaction with Lafarge India Private Ltd, whereby Birla Corp, either directly or through its wholly-owned subsidiary, shall acquire both the Jojobera and Sonadih cement businesses (acquisition business) from Lafarge India for an enterprise value of Rs 5,000 crore."

Birla said it will acquire the cement business, comprising an integrated cement unit at Sonadih (Chhattisgarh), a cement grinding unit at Jojobera (Jharkhand), along with Concreto
and PSC brands.