Ambuja Cements open offer to Sanghi Industries opens today at Rs 121.90.
The open offer by Ambuja Cements Ltd. to acquire a 26% stake held by minority shareholders of Sanghi Industries will close on January 29.
The Adani Group company has offered to buy about 6.71 crore shares of the Gujarat-based cement maker.
It may be recalled that Ambuja Cements has increased the open offer price for Sanghi Industries to ₹121.90 a share from ₹114.22 as the company completed the deal to acquire shares from the erstwhile promoters.
The company has received the Letter of Offer, dated Jan. 5.
Ambuja Cements has acquired Sanghi Industries in an all-cash deal in August last year, valuing the company at an enterprise 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.