Adani makes open provide for 26% every in Ambuja Cements, ACC

Adani group on Monday made an open provide to amass a 26 per cent stake every in Ambuja Cements and ACC Ltd from public shareholders after asserting a $10.5-billion deal to amass Holcim’s India enterprise.

Through its Mauritius-based subsidiary Endeavour Trade and Investment, the group has made an open provide at Rs 385 per share for Ambuja Cements Ltd and Rs 2,300 per share for ACC Ltd.

For Ambuja Cements, the open provide to its public shareholders is for buying as much as 51.63 crore fairness shares, representing 26 per cent of the expanded share capital, aggregating to a complete consideration of Rs 19,879.57 crore. While for ACC, the provide is to amass as much as 4.89 crore shares held by public shareholders, representing 26 per cent of the expanded share capital, aggregating to a complete consideration of Rs 11,259.97 crore. This could be “subject to the receipt of the Required Statutory Approval,” Adani group mentioned.

The open provide has been triggered after the execution of the share buy settlement between Adani group and Holcim to purchase controlling stake within the latter’s India enterprise.