A day after announcing a $ 10.5 billion deal to acquire Holcim’s Indian business, the Adani family has made an open offer to acquire a 26 per cent stake each in its two listed companies, Ambuja Cements and ACC Ltd, from public shareholders, worth $ 6.5 billion.
On Monday, through its Mauritius -based subsidiary Endeavor Trade and Investment, Gautam Adani group made an open offer of Rs 385 per share for Ambuja Cements Ltd and Rs 2,300 per share for ACC Ltd.
For Ambuja Cements, the Adani group has made an open offer to its public shareholders to acquire up to 51.63 crore of equity shares, representing 26 per cent of the expanded share capital, aggregating to a total consideration of Rs 19,879.57 crore.
As for ACC Ltd, the Adani group has offered to acquire up to 4.89 crore shares held by public shareholders, representing 26 per cent of the expanded share capital, aggregating to a total consideration of Rs 11,259.97 crore.
This will be “subject to the receipt of the Required Statutory Approval,” he said.
The public announcement was issued jointly by ICICI Securities and Deutsche Equities India, co -managers of open bidding on the exchange.
The open offer was triggered following a share purchase agreement between the Adani group and Holcim to acquire a controlling stake in their business in India “for an aggregate consideration of USD equivalent to Rs 50,181.04 crore”.
Acropolis Trade and Investment Ltd promotes Trade and Investment ventures.
“The ultimate beneficial ownership of Acropolis Trade and Investment Ltd is held by certain members of the Adani family,” the notice said.
On Sunday, the Adani group announced an agreement to acquire a controlling stake in Holcim Ltd’s business in India for $ 10.5 billion (about Rs 81,300 crore), marking the port-to-energy conglomerate’s entry into the cement sector.
The Adani Group will acquire 63.1 per cent of Ambuja Cements Ltd and related assets. Ambuja’s local subsidiaries include ACC Ltd, which is also publicly traded.
“The Adani family, through an offshore special purpose vehicle, announced that it has entered into a final agreement for the acquisition of the entire stake of Switzerland -based Holcim Ltd in two leading Indian cement companies – Ambuja Cements Ltd and ACC Ltd,” the group said. in a statement.
Holcim, through its subsidiary, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
Holcim, in a statement, said, “The corresponding offer share price of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translated into cash proceeds of CHF 6.4 billion (Swiss Francs) for Holcim.”
Last month, the world’s largest cement maker Holcim announced its exit from the country after struggling here for a long time.
Ambuja Cements and ACC now have a combined installed production capacity of 70 million tonnes per annum.
Together, the two companies have 23 cement plants, 14 grinding stations, 80 ready-mixed concrete plants and over 50,000 channel partners across India.