Adani offers to buy 26% of Ambuja Cements, ACC from open market

NEW DELHI: A day after announcing $10.5 billion deal to acquire Holcim’s India business, the Adani family has made an open offer to acquire a 26 per cent stake each in its two listed companies Ambuja Cements and ACC Ltd from public shareholders.

Asia’s richest man Gautam Adani’s group on Monday through its Mauritius-based subsidiary Endeavour Trade and Investment has made an open offer at Rs 385 per share for Ambuja Cements Ltd and Rs 2,300 a share for ACC Ltd.

For Ambuja Cements, Adani group has made an open offer to its public shareholders to acquire up to 51.63 crore equity shares, representing 26 pc of the expanded share capital, aggregating to a total consideration of Rs 19,879.57 crore.

While for ACC Ltd, Adani group has offered to acquire up to 4.89 crore shares held by public shareholders, representing 26 pc of the expanded share capital, aggregating to a total consideration of Rs 11,259.97 crore. This would be “subject to the receipt of the Required Statutory Approval,” it said.

The public announcement was jointly issued by ICICI Securities and Deutsche Equities India, the joint managers to the open offer at bourses. This open offer has been triggered following the execution of the share purchase agreement between the Adani group and Holcim to acquire controlling stake in the latter’s businesses in India “for an aggregate consideration of USD equivalent to Rs 50,181.04 cr”.

Endeavour Trade and Investment is promoted by Acropolis Trade and Investment Ltd. The Adani Group will acquire 63.1 per cent of Ambuja Cements Ltd along with related assets. Ambuja’s local subsidiaries include ACC, which is also publicly traded.