ACC, Ambuja Open Offer Not Fully Subscribed
Shares of ACC and Ambuja traded higher ahead of the close of the open offer.
Adani Group's Rs 31,000-crore open offer to acquire 26% additional stakes in Swiss firm Holcim's two Indian listed entities ACC Ltd. and Ambuja Cements Ltd. closed on Friday without being fully subscribed.
According to the latest regulatory filing by ACC Ltd, till 6:40 p.m. on Friday, around 40.51 lakh equity shares were tendered against the original offer of 4.89 crore shares, which is 8.28%.
Similarly, for Ambuja Cements 1.35% of shares were tendered.
According to the latest regulatory updates on Saturday morning, 6.97 lakh shares of Ambuja Cements have been tendered in the escrow demat account compared to the original offer for 51.63 crore shares from the public shareholders.
The offer for both companies opened on Aug. 26, 2022.
In May, the Adani Group had made an open offer at Rs 2,300 per share for ACC and Rs 385 per share for Ambuja Cements Ltd following its deal to acquire a controlling stake in Holcim's businesses in India for $10.5 billion.
The open offer was estimated at over Rs 31,000 crore if fully subscribed.
On Friday when the open offer ended, shares of ACC Ltd settled at Rs 2,365 on the BSE, 2.82% higher than the offer price. Ambuja Cements settled at Rs 453.90 on the BSE, which is 17.89% higher than the offer price.
The letter of offer for the open offer was launched by the Adani family group's Mauritius-based firm Endeavour Trade and Investment.
Endeavour Trade and Investment is promoted by Acropolis Trade and Investment Ltd, which is held by certain members of the Adani family.
Ambuja Cements and ACC currently have a combined installed production capacity of 70 million tonnes per annum. The two companies together have 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants and over 50,000 channel partners across India.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.