The Adani family’s open offers to acquire an additional 26 per cent stake in Ambuja Cements and ACC closed on Friday. The mandatory open offers in cash were made after the Adani family acquired a 63 per cent stake in Ambuja Cements from Swiss cement major, Holcim.
The final data of the number of shares tendered by the shareholders of both companies was still being collated by the bankers to the issue until the time of going to the press.
The shares of Ambuja Cement closed at Rs 453 a share — far above the open offer price of Rs 385 a share — making the offer unattractive for its shareholders. ACC shares closed at Rs 2,365 a share on Friday as compared to the offer price of Rs 2,300 a share. Ambuja Cements has a 54.53 per cent stake in ACC, and due to the lower difference between the current market price and offer price, institutional investors are likely to sell part of their stake. LIC holds 6.3 per cent stake in Ambuja and 5.6 per cent stake in ACC.
The Adani family had set aside Rs 31,139 crore for the open offer for public shareholders of Holcim’s Indian businesses Ambuja Cements and ACC. For Ambuja Cements, Adani Group’s open offer to public shareholders was for acquisition of more than 516 million equity shares. The group’s open offer for Ambuja Cements will form 26 per cent of the expanded share capital, amounting to more than Rs 19,879 crore.
On the other hand, Adani Group’s open offer to ACC’s public shareholders for up to 48.9 million shares amounts to roughly Rs 11,259.97 crore, forming 26 per cent of the expanded share capital.