The day after the Gautam Adani billionaire’s conglomerate bought a Holcim AG cement business based in Switzerland in India at a price ACC Ltd-from the public of shareholders.The Adani Group through a subsidiary based in Mauritius Endeavour Trade and Investment has made an open offer of ₹ 385 per share for Ambuja Cements Ltd and 2,300 per share for ACC Ltd.
For Ambuja cement, Adani Group has made an open offer to public shareholders to acquire up to 51.63 Crore equity shares, representing 26% of expanded share capital, combining total considerations ₹ 19,879.57 Crore.As for ACC Ltd., Adani Group has offered to acquire up to 4.89 CRORE shares held by public shareholders, representing 26% of expanded stock capital, collecting total considerations ₹ 11,259.97 Crore.
This will “submit to the acceptance of the required legal approval,” he said.Public announcements were issued together by Icici Securities and Deutsche Equities India, a joint manager for open offers at Bourses.
This open offer has been triggered after the implementation of a share purchase agreement between Adani Group and Holchim to acquire controlling shares in the last business in India “for USD aggregate considerations equivalent to ₹ 50,181.04 Crore”.Trading and investment efforts are promoted by Acropolis Trade and Investment Ltd. Ownership of the main benefits of acropolis trade and investment Ltd is held by certain Adani family members, “said the notification.On Sunday, Adani Group announced an agreement to acquire controlling shares in the Holcim Ltd business in India at a price of $ 10.5 billion (₹ 81,300 crore around), marking the entry of port-to-energy conglomerates into the cement sector. With this agreement, the Adani Group will be the producer of Semen No. 2 countries in their biggest acquisition.
Under the agreement, the second largest in India this year, Adani Group will pay $ 6.4 billion in cash to acquire 63.1% of Holcim’s shares in Ambuja Cements Ltd. and 54.5% holds in ACC Ltd. Other company shares will be purchased through an open offer.Adani Group, who currently does not have a cement making operation, said the company is very suitable considering the port and logistics, energy, and real estate business.
“Adani’s family, through a special offshore destination vehicle, announced that they had signed a definitive agreement for the acquisition of all Holcim Ltd -based shares based in Swiss in two leading semen India – Ambuja Cements Ltd and ACC Ltd.” said the group in a statement. Holcim in a statement said, “The appropriate offer stock price is ₹ 385 for cement almmuja and ₹ 2,300 for ACC translates to CHF cash results 6.4 billion (Swiss Franc) for Holcim.”
The biggest cement maker in the Holcim world last month announced out of the country after struggling here for a long time.At present, Ambuja and ACC cement has a combined production capacity of 70 million tons per year.Both companies jointly have 23 cement factories, 14 milling stations, 80 ready-made concrete factories and more than 50,000 channel partners throughout the country.
Stocks in Ambuja and ACC jumped but were traded below the price offered by Adani on Monday.At noon, Ambuja stock rose 2.9% to 369.45 rupees compared to the offering price of 385 rupees. ACC shares jumped 3.6% to 2,190 rupees versus the offering price of 2,300 rupees.