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Adani Group through its Mauritius-based subsidiary Endeavour Trade and Investment has made an open offer to acquire up to 26 per cent stake in Ambuja Cements at ₹385 per share.
The open offer, which will into effect after getting the necessary approval, has been triggered due to execution of the share purchase agreement between the Adani Group and Holderfin B.V, a company incorporated in the Netherlands for purchase of their shareholding at ₹50,181 crore.
With the mandatory open offer, Adani Group will buy up to 51.64 crore fully paid-up equity shares of ₹2 each, representing 26 per cent of Ambuja Cements from the public shareholders.
The open offer has valued Ambuja Cements' 84,11,000 holding in ACC at ₹2,300 per share (being the negotiated price for ACC Ltd.)
On Sunday, the Adani Family, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd’s entire stake in two of India’s leading cement companies — Ambuja Cements and ACC.
Holcim, through its subsidiaries, holds 63.19 per cent stake in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is about $10.5 billion, which makes this the largest ever acquisition by Adani, and India’s largest ever M&A transaction in the infrastructure and materials space.
The completion of the underlying transaction under the share purchase agreement is subject to the receipt of required statutory approval, said Ambuja Cement on Monday
After the completion of deal with Holcim, Endeavour Trade and Investment will indirectly hold 125.31 crore equity shares of Ambuja Cements and exercise indirect control over ACC Ltd.
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