Ambuja Cements' Open Offer For 26% Stake In Sanghi Industries To Launch On Jan. 15
The Adani Group company has offered to buy more than 6.71 crore shares of the Gujarat-based cement-maker at Rs 114.22 apiece.
The open offer by Ambuja Cements Ltd. to acquire a 26% stake held by minority shareholders of Sanghi Industries Ltd. will launch on Jan. 15.
The Adani Group company has offered to buy more than 6.71 crore shares of the Gujarat-based cement maker at Rs 114.22 apiece, aggregating to about Rs 818.74 crore. The offer will close on Jan. 29, according to an exchange filing on Monday.
The company has received the Letter of Offer, dated Jan. 5.
Ambuja Cements acquired Sanghi Industries in an all-cash deal in August last year, valuing the company at an enterprise value of Rs 5,000 crore.
It had acquired 14.66 crore shares, representing 56.74% of the overall shareholding, from Chairman and Managing Director Ravi Sanghi, members of the Sanghi family and other promoter entities.
An additional 2.23% stake in Sanghi Industries was acquired on Dec. 5.
Sanghi Cement, a brand owned by Sanghi Industries, was incorporated in 1985. It has a grinding capacity of 6.1 million metric tonnes per annum and a clinker capacity of 6.6 million metric tonnes per annum.
The acquisition of Sanghi Industries will help Ambuja strengthen its market leadership and increase its cement capacity to 73.6 MTPA from the current capacity of 67.5 MTPA, said Karan Adani, director at Ambuja Cements.
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