Adani Group has acquired the India business of Swiss company Holcim. After that, it has proposed to buy shares of about 31 thousand crores from the shareholders of Ambuja Cement and ACC Limited, which owns the capital of that company, in the open market.
The ‘open offer’ for the purchase of shares from the existing shareholders of both companies will continue till September 9.
The Adani Group has made an ‘open offer’ to increase its stake to 26 percent in the two companies in which it owns Holcim. Accordingly, the shares of Ambuja Cement will be purchased on the open market at Rs 385 each, while the shares of ACC Limited will be purchased at Rs 2,300 each.
19.879.57 crore for the purchase of 51.63 crore shares of Ambuja Cement, while 4.89 crore shares of ACC Limited will be bought for a total of Rs 11,259.97 crore. Adani Group’s stake in Ambuja Cement will rise to 89 percent and ACC Limited’s stake to 81 percent after the open market share purchase. On the BSE, Ambuja Cement rose by Rs 5.60 to Rs 402.70, while ACC closed at Rs 2,287.55, around the ‘open offer’ price on Friday.
The Adani Group, which has been expanding into various sectors ranging from ports to the energy sector, has entered the cement business. Adani Group signed an Rs 81,000 crore deal in May this year to acquire Holcim’s India business.