A day after announcing a $ 10.5 billion deal to acquire Holcim’s India business, the Adani family has made an open offer from public shareholders to acquire 26 per cent stake in each of its two listed companies, Ambuja Cements and ACC Limited.
Asia’s richest man Gautam Adani’s group on Monday made an open offer of Rs 385 per share for Ambuja Cements Limited and Rs 2,300 for ACC Limited through its Mauritius-based affiliate Endeavor Trade and Investment.
For Ambuja Cement, Adani Group has made an open offer to acquire 51.63 crore equity shares to its public shareholders, representing 26 per cent of the expanded share capital, considering a total of Rs 19,879.57 crore.
For ACC Limited, Adani Group has offered to acquire 4.89 crore shares held by public shareholders, representing 26 per cent of the expanded share capital, amounting to Rs 11,259.97 crore.
It will be “subject to obtaining the necessary statutory approval,” it says.
The public announcement was made jointly by ICICI Securities and Deutsche Equities India, the joint manager of the open market offering.
Following the execution of a share purchase agreement between Adani Group and Halchim, this open offer has been initiated for “acquisition of controlling stake in India’s next business” for an overall consideration of USD equivalent to $ 50,181.04 crore.
Promoted by Endeavor Trade and Investment Acropolis Trade and Investment Limited.
“The ultimate exclusive ownership of Acropolis Trade and Investment Limited is in the hands of certain members of the Adani family,” the notice said.
On Sunday, Adani Group announced a জন্য 10.5 billion (approximately Rs 81,300 crore) deal to acquire a controlling stake in Holcim Ltd’s business in India, marking the Port-to-Energy Group’s entry into the cement sector.
Adani Group will acquire 63.1 per cent of Ambuja Cements Limited and its associated assets. Local affiliates of Ambuja include ACC Limited, which is a publicly traded company.
“The Adani family, through an offshore special purpose vehicle, has announced that it has entered into the final agreement for the acquisition of two of India’s leading cement companies – Ambuja Cements Limited and ACC Limited – to acquire a wholesome stake in Switzerland-based Holcim Limited,” the group said. In a statement.
Holcim, through its affiliates, owns 63.19 per cent in Ambuja Cement and 54.53 per cent in ACC (of which 50.05 per cent is through Ambuja Cement).
A similar offer share price of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translates into 6.4 billion CHF (Swiss francs) in cash for Holcim, Holcim said in a statement.
Holcim, the world’s largest cement maker, announced last month that it was leaving the country after a long struggle here.
Ambuja Cements and ACC currently have a combined installed production capacity of 70 million tons per annum. The two companies together have 23 cement plants, 14 grinding stations, 80 ready-mixed concrete plants and more than 50,000 channel partners across India.