Cement open offer starts
The Adani group on Friday launched its Rs 31,000- crore open offer to acquire a 26 per cent additional stake from the public shareholders of ACC and Ambuja Cements. This comes after the conglomerate had announced a $10.5 billion deal to acquire Holcim’s Indian operations in May.
The Securities and Exchange Board of India (Sebi) had granted approval to the open offer last week. If fully subscribed, the open offer is estimated at over Rs 31,000 crore. While the ACC share ended flat Rs 2,288.05, the Ambuja Cements scrip settled with gains of 1.41 per cent at Rs 402.70.
In Ambuja Cements, the group had made an open offer to the public shareholders to acquire up to 51.63 crore shares, representing 26 per cent of the expanded share capital, aggregating to Rs 19,879.57 crore.
Adani has offered to acquire up to 4.89 crore shares in ACC held by public shareholders, representing 26 per cent of the expanded share capital, aggregating Rs 11,259.97 crore. In the revised schedule submitted by ICICI Securities and Deutsche Equities India, managers to the open offer, the tendering of shares will open from August 26 and end on September 9.