hi INDiA
South Asian Views On Global News - Update 24X7

Adani makes open offer to buy 26% in Ambuja Cements, ACC

New Delhi, May 16

A day after announcing $10.5-billion deal to acquire Holcim’s India business, the Adani family has made an open offer to acquire a 26% stake each in its two listed companies Ambuja Cements and ACC Ltd from public shareholders.

Proposed offering

The Adani Group has made an open offer at Rs 385 per share for Ambuja Cements and Rs 2,300 per share for ACC LtdIt will acquire up to 51.63 crore shares of Ambuja Cements for Rs 19,879.57 crore and 4.89 crore shares of ACC for Rs 11,259.97 crore

The Asia’s richest man Gautam Adani’s Group on Monday through its Mauritius-based subsidiary Endeavour Trade and Investment 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, Adani Group has made an open offer to its public shareholders to acquire up to 51.63 crore equity shares, representing 26% of the expanded share capital, aggregating to a total consideration of Rs 19,879.57 crore.

While for ACC Ltd, Adani group has offered to acquire up to 4.89 crore shares held by public shareholders, representing 26% 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,” it said.

The public announcement was jointly issued by ICICI Securities and Deutsche Equities India, the joint managers to the open offer at bourses.

This open offer has been triggered following the execution of the share purchase agreement between the Adani Group and Holchim to acquire controlling stake in the latter’s businesses in India. Endeavour Trade and Investment is promoted by Acropolis Trade and Investment Ltd.

On Sunday, Adani Group announced a deal to acquire a controlling stake in Holcim Ltd’s businesses in India for $10.5 billion.

Visa-Home Ad

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

gtag('set', {'user_id': 'USER_ID'}); // Set the user ID using signed-in user_id.