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Adani group to acquire additional 26% stake in ACC, Ambuja Cements via Rs31,000 crore Open Offer

In May of this year, the Adani Group announced a deal to acquire a controlling stake in Holcim Ltd.'s Indian businesses for USD 10.5 billion.

August 26, 2022 1:45 IST | India Infoline News Service
Adani Group announced an open offer of Rs 31,000 crore on Friday to purchase a 26% interest in Swiss business Holcim's two Indian listed firms, ACC Limited and Ambuja Cements.

In May of this year, the Adani Group announced a deal to acquire a controlling stake in Holcim Ltd.'s Indian businesses for USD 10.5 billion.

Last week, market regulator Sebi approved the open offer. If fully subscribed, the open offer is worth more than Rs31,000 crore.

Ambuja Cements and ACC Limited have filed their bid letters for the open offer announced by the Adani family group's Mauritius-based business 'Endeavour Trade and Investment' in two separate regulatory filings.

As per the revised schedule of ICICI Securities and Deutsche Equities India, the tendering of shares begins on August 26 and ends on September 9, 2022.

In May, the Adani Group launched an open bid for Ambuja Cements at Rs385 per share and ACC at Rs2,300 per share.

Ambuja Cements issued an open offer to public shareholders for the acquisition of up to 51.63 crore equity shares, representing 26% of the increased share capital, totaling Rs19,879.57 crore.

The group has proposed to acquire up to 4.89 crore shares owned by public shareholders, representing 26% of the increased share capital, totaling Rs11,259.97 crore, for ACC Ltd.

The open offer ignited due to the completion of a share purchase agreement between Adani Group and Holcim to acquire a majority interest in the latter's Indian business.

Ambuja Cements and ACC presently have a total installed capacity of 70 million tonnes per year. In India, the two firms operate 23 cement facilities, 14 grinding stations, 80 ready-mix concrete plants, and over 50,000 channel partners.

Adani Group plans to acquire 63.1% of Ambuja Cements as well as related properties.

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