Adani Makes Open Offers For Ambuja Cements, ACC
Both open offers will run from Aug. 26 to Sept. 9.
![<div class="paragraphs"><p>Adani Group Chairman Gautam Adani. (Photo: Amit Dave/Reuters)</p></div>](https://media.assettype.com/bloombergquint%2F2022-06%2Fed06c598-08b8-42ec-8ae0-d255cd44cadc%2FWhatsApp_Image_2022_06_23_at_7_59_11_PM.jpeg?rect=0%2C0%2C1280%2C720&auto=format%2Ccompress&w=200)
The Adani family has made an open offer to acquire 26% stake each in Holcim Group's Ambuja Cements Ltd. and ACC Ltd.
The billionaire Gautam Adani-controlled group is offering Rs 2,300 per share for ACC, according to the cement maker's exchange filing. That's a 2% discount to Friday’s close. For Ambuja Cements, the offer is Rs 385 apiece, an 8.3% discount to Friday's close.
Both the offers will run from Aug. 26 through Sept. 9.
ICICI Securities Ltd. and Deutsche India Equities Ltd. are managing the offers.
The Adani family, through Endeavour Trade and Investment Pvt., will buy up to 4,89,56,419 shares of ACC for around Rs 11,259 crore, while it will acquire 51,63,52,655 shares of Ambuja for Rs 19,879 crore. The total open offer will see the group shelling out Rs 31,138 crore.
In May, the Adani Group had agreed to buy the Holcim Group's stake in the cement firms in a deal worth around Rs 83,000 crore, including the open offer. The acquisition will make the Adani Group the second largest cement player in the country.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.