Adani makes Rs 31,000 cr. open offer for ACC, Ambuja Cements

TIL Desk/Business/New Delhi/ Adani Group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim’s two Indian listed entities ACC Ltd and Ambuja Cements.

In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd’s businesses in India for $10.5 billion. Markets regulator Sebi granted approval for the open offer last week. The open offer is estimated at over Rs 31,000 crore if fully subscribed.

In two separate regulatory filings, Ambuja Cements and ACC have submitted their letter of offers for the open offer, launched by the Adani family group’s Mauritius-based firm Endeavour Trade and Investment.

As per the revised schedule submitted by ICICI Securities and Deutsche Equities India, managers to the open offer, the tendering of shares opens from August 26 and will end on September 9, 2022.