Adani Group receives modest response for ACC and Ambuja Cement open offer

9 Sep 2022 , 12:54 PM

Adani Group’s launch of Rs31,000 crore open offer for acquisition of 26% stake in ACC and Ambuja Cement have received modest response from investors so far. The open offer by the Gautam Adani-owned conglomerate to buy 26% of public shareholders in the two cement makers, was started on August 26 and will close on September 9 i.e. on Friday.

Out of the 4.9 crore ACC shares that the Adani Group offered to buy, 25.31 lakh shares were tendered as on Thursday. This amounts to 5.17% of the shares that it is prepared to buy. For Ambuja Cement, 5.66 lakh shares, or 0.11% of the company’s shares, were tendered as on September 8.

According to the shares tendered yesterday, Adani Group will have to shell out Rs604 crore for the open offers from the Rs31,140-crore they had set aside.

The group offered to buy 26% of Ambuja Cement for Rs385 per share. Shares of Ambuja Cement ended at Rs461.75 on Thursday, a 20.13% premium to the offer price.

In the case of ACC, the offer price is Rs2,300 per share. ACC shares closed at Rs2,420, a 5.3% premium to the offer price.

Brokers see the chances of more participation in the ACC open offer on the last day because of the premium to the offer price.

At around 12:51 PM, Adani Enterprises Ltd is currently trading at Rs3,455.20 per share down by Rs6.75 or 0.19% from its previous closing of Rs3,461.95 per share on the BSE.

Further, ACC was trading at Rs2,418.30 per share down by Rs2 or 0.08% while Ambuja Cements was trading at Rs465.55 per share up by Rs3.8 or 0.82% on the BSE. 

For feedback and suggestions, write to us at [e-mail]