Adani Group to launch an open cash offer from 26th August and to end on 9th September 2022 to acquire 4,89,56,419 fully paid-up equity shares having a face value of ₹10 each at a price of ₹2,300 per equity share and 51,63,52,655 equity shares at a face value of ₹2 each at ₹385 per equity share representing 26% stake in ACC and Ambuja respectively.
The offer is valued at ₹11,259.97 crores and ₹19,879.57 crores for ACC and Ambuja Cement respectively.
Endeavor Trade and Investment has made the open offer. The company is promoted by Acropolis Trade and Investment and held by certain members of the Adani family.
ICICI Securities and Deutsche Equities India are appointed to oversee the open offer.
“Adani has entered into definitive agreements with Holcim to acquire the Switzerland-based company's entire stake in two of India’s leading cement companies – Ambuja Cements and ACC. Holcim holds 63.19% in Ambuja Cements and 54.53% in ACC.” said an Adani official.
The current offer is one of the largest acquisitions of Adani valuing Holcim's stake at around $10.5 billion, and it is India's largest ever M&A transaction in the infrastructure and materials space.
Presently, both the cement companies have a combined installed production capacity of approximately 70 MTPA with 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants, and over 50,000 channel partners all over India.
Both the cement companies are listed on the Mumbai stock exchange. The acquisition is subject to approval by local authorities and is expected to close in the second half of 2022.
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