Comments
Market regulator SEBI has approved Adani Group’s open offer to acquire 26 per cent stake each in Ambuja Cement and ACC for about Rs 31,000 crore.
The Group, which has appointed ICICI Securities and Deutsche Equities India as managers to the offer, will buy Ambuja Cement at Rs 385 per share and ACC at Rs 2,300 a piece.
The offer may get a tepid response as both Ambuja Cement and ACC shares are quoting above the offer price. Shares of Ambuja Cement gained 3 per cent to Rs 420 and ACC was up one per cent at Rs 2,394 on Friday.
According to the public notice, Endeavour Trade and Investment, a Mauritius-based entity owned by the Adani family, will invest ₹19,880 crore to buy 26 per cent or 51.63 crore shares in Ambuja Cements from the public at ₹385 a piece.
Similarly, the Adani family has offered to buy 4.89 crore shares or 26 per cent of ACC from the public at ₹2,300 per share for ₹11,259 crore
Depending on the success of the open offer, Adani Group’s stake in Ambuja would rise to 89 per cent and in ACC to 81 per cent.
The mandatory open offer comes on the back of the Gautam Adani-led group signing an agreement with Holcim to acquire 63 per cent stake in Ambuja Cement and its subsidiary ACC in May.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.