Investors own only 8.28% of ACC shares, 1.35% of Ambuja Cements, filing shows
Investors own only 8.28% of ACC shares, 1.35% of Ambuja Cements, filing shows
Adani Group’s ₹31,000-crore open offer to acquire an additional 26% stake in Swiss firm Holcim’s two Indian listed entities ACC Ltd and Ambuja Cements closed on Friday amid weak response from public shareholders.
As per the latest regulatory filing by ACC Ltd., as of 6:40 pm on Friday, around 40.51 lakh equity shares were offered against the original offer of 4.89 crore shares, which is just 8.28%.
Similarly, only 1.35% of the shares were tendered for Ambuja Cements.
As per the latest regulatory update on Saturday morning, only 6.97 lakh shares of Ambuja Cements have been tendered in the escrow demat account against the original offer of 51.63 crore shares from public shareholders.
The offer for both the companies opened on August 26.
In May, the Adani Group made an open offer of ₹2,300 per share for ACC and ₹385 per share for Ambuja Cements Ltd.
The open offer was estimated to be over ₹31,000 crore if fully subscribed.
However, when the open offer ended on Friday, ACC shares closed at Rs 2,365 on BSE, which is 2.82% higher than the offer price.
Ambuja Cements closed at ₹453.90 on BSE, which is 17.9% higher than the offer price.
However, on Friday, which was the last day of the open offer, ACC had registered a jump of over 2.13 times in volumes, while Ambuja Cements traded at a new 52-week high of ₹484.70 per share.
The letter of offer for the open offer was launched by Adani Family Group’s Mauritius based firm Endeavor Trade & Investment.
Endeavor Trade and Investment is promoted by Acropolis Trade and Investment Limited, which is owned by some members of the Adani family.
On 15 May, the Adani Group signed an agreement to acquire a controlling stake in Holcim Limited’s businesses in India for $10.5 billion (approximately ₹83,920 crore at present value), marking the port-to-energy group’s entry into the cement sector. Deal announced.
Adani Group will acquire 63.1% of Ambuja Cements along with associated assets. Ambuja’s local subsidiaries include ACC, which is also publicly traded.
Swiss construction materials major Holcim, through its subsidiaries, holds 63.2% in Ambuja Cements and 54.5% in ACC (of which 50.1% is through Ambuja Cements).
Ambuja Cements and ACC currently have a combined installed production capacity of 70 million tonnes per annum. Both the companies have 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants and more than 50,000 channel partners across India.