ACC, Ambuja open offers likely from July 6-19
时间:2024-06-29 03:06:01 阅读(143)
The open offers for the public shareholders of ACC and Ambuja Cements, following the acquisition of Holcim Group’s stake in the listed firms, will commence on July 6 and close on July 19.
The dates, subject to regulatory approvals including that of Sebi, are as per a tentative schedule. The exercise will be completed within 10 working days from the date of closure of the tendering period, as per notices issued on behalf of the Adani family.
It intends to acquire up to 51.63 crore shares of Ambuja Cements, or 26% of its expanded share capital (total voting share capital), for `19,879.57 crore. For ACC, it has offered to acquire up to 4.89 crore public shares (or 26% of expanded share capital) for `11,259.97 crore, an update by ICICI Securities and Deutsche Equities India, the joint managers to the offer, had said. The open offer pricing was at a 7% premium to Ambuja’s and 9% to ACC’s closing price on May 13.
It is being made by Endeavour Trade and Investment, a special purpose vehicle set up in Mauritius. Endeavour Trade and Investment is promoted by Acropolis Trade and Investment, which is controlled by certain members of the Adani family. The SPV had executed an agreement to buy the entire shareholding of the offshore promoter, Holderind Investments, in the Indian firms.
On May 15, the Adani family signed definitive agreements to acquire Switzerland-based Holcim Group’s entire stake in Ambuja Cements and ACC for about $10.5 billion. Holcim, through its subsidiaries, holds a 63.19% stake in Ambuja Cements and 54.53% in ACC (of which 50.05% is held through Ambuja Cements).
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