Adani Group Makes $3.9 Billion Open Offer for Two Cement Makers
- It received SEBI approval for an open offer for Ambuja, ACC
- Holcim agreed to sell its 26% stake to Adani Group in May
A rickshaw-puller travels past an Abuja Cements Ltd. billboard in Patna, Bihar, India.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
Adani Group has received regulatory approval for an almost 311.6 billion rupees ($3.9 billion) open offer to buy the remaining shares of two Indian cement makers, following Holcim Ltd.’s decision in May to sell its majority stake to the conglomerate.
The group, led by Asia’s richest person Gautam Adani, has offered to buy 26% of Ambuja Cements Ltd. for 385 rupees per share and the same stake for 2,300 rupees per share of ACC Ltd., according to two exchange filings filed Friday by ICICI Securities Ltd. and Deutsche Bank AG, which are advising Adani. The open offer for both the cement firms will run from Aug. 26 to Sep. 9, the filings said.