Adani Group Gets Sebi Nod For Ambuja Cements

The Adani Group has made offers of Rs 385 per share for Ambuja Cements and Rs 2,300 a share for ACC

The Adani Group on Friday received market regulator Sebi’s nod for the USD 3.8 billion open offer for Ambuja Cements and ACC, according to media reports citing sources.

The Adani Group has made offers of Rs 385 per share for Ambuja Cements and Rs 2,300 a share for ACC. With an investment of nearly Rs 31,139 crore, together these two open offers might constitute the biggest open offer in corporate Indian history. Indian stock market rules say that acquiring 25 per cent or more of the shares in a local listed firm will trigger a mandatory open offer where minority shareholders can choose to sell their stakes to the new investor at a predetermined price.

ICICI Securities Ltd. and Deutsche Bank AG are advising Adani on the open offer. The deal was also cleared by the Competition Commission of India (CCI) last week.  Holcim in May agreed to sell its 63 per cent stake in Mumbai-listed Ambuja Cements to Adani Group, which said then that it plans to spend about $10.5 billion on the stake purchases and open offer consideration for Ambuja and related entities. The Holcim transaction is set to propel the Adani Group to become India’s second-largest cement producer.