Adani makes open offer for 26% each in Ambuja Cements, ACC
Adani group on Monday made an open offer to acquire a 26 per cent stake each in Ambuja Cements and ACC Ltd from public shareholders after announcing a $10.5-billion deal to acquire Holcim’s India business.
Through its Mauritius-based subsidiary Endeavour Trade and Investment, the group has made an open offer at Rs 385 per share for Ambuja Cements Ltd and Rs 2,300 per share for ACC Ltd.
For Ambuja Cements, the open offer to its public shareholders is for acquiring up to 51.63 crore equity shares, representing 26 per cent of the expanded share capital, aggregating to a total consideration of Rs 19,879.57 crore. While for ACC, the offer is to acquire up to 4.89 crore shares held by public shareholders, representing 26 per cent of the expanded share capital, aggregating to a total consideration of Rs 11,259.97 crore. This would be “subject to the receipt of the Required Statutory Approval,” Adani group said.
The open offer has been triggered after the execution of the share purchase agreement between Adani group and Holcim to buy controlling stake in the latter’s India business.