InvestorQ : When is the open offer for Ambuja Cements by Adani group going to open?
Tisha Malhotra made post

When is the open offer for Ambuja Cements by Adani group going to open?

Answer
image
Aashna Tripathi answered.
2 months ago
Follow

Adani group has secured SEBI nod for the $3.8-billion open offer to the residual shareholders of Ambuja Cements and ACC. Adani Group has made an open offer to the shareholders of Ambuja Cements at Rs385 per share while the open offer is at a price of Rs2,300 per share for ACC Ltd. At Rs31,139 crore, this is likely to constitute the biggest open offer in Indian corporate history. Post a successful open offer, Adani’s will enhance its stake in Ambuja Cements to 89.11% and in ACC to a level of 80.53%.

The open offer is a part of extant SEBI Takeover rules since acquiring 25% or more of the shares in a listed Indian company automatically triggers a mandatory open offer. In this open offer, minority shareholders can opt to sell their stakes to the new investor at a predetermined price. The open offer price is at a discount to the CMP but that is more because the price hike has happened due to the open offer.

The advisor for the open offer will be ICICI Securities Ltd and Deutsche Bank AG. The deal, once done, will give Adani group control over 70 MTPA of cement, making it the second largest in India after Ultratech

8 Views