Adani launches Rs 31k crore offers for ACC & Ambuja – Times of India

MUMBAI: The Adani group on Friday simultaneously launched the public offers to complete the acquisitions of two cement majors, ACC and Ambuja Cements from Switzerland-headquartered Holcim. The offer for ACC is worth Rs 11,250 crore and for Ambuja Cements Rs 19,900 crore, disclosures on the bourses showed. The offer will close on September 9.
In mid-May, Adani group had signed agreements with Holcim, the global cement manufacturing giant, which is still the majority owner of ACC and Ambuja Cements, to buyout the owner’s stake for a consideration of $10.5 billion, or about Rs 81,000 crore.
In the open offer, Adani group wants to buy a little over 51.6 crore shares of Ambuja Cements, translating to 26% of the cement maker’s equity, at a per-share price of Rs 385. This translates to a total consideration of nearly Rs 19,900 crore, according to the terms of the open offer disclosed on the BSE.
Adani group has also offered to buy nearly 4.9 crore shares of ACC, translating to 26% of the cement maker’s equity, at a per-share price of Rs 2,300. This translates to a total consideration of nearly Rs 11,250 crore, according to the terms of the open offer disclosed on the BSE.
Under Sebi’s takeover rules, in case there’s a change in management control of a listed company, the new owners need to give an open offer to the public shareholders to buy at least 25% additional stake from them.
To fund the acquisitions of the two cement manufacturing majors, Adani group has agreements to secure loans from several banks, from across the world. The lenders include Standard Chartered Bank, DBS Bank, MUFG Bank, Intesa Sanpaolo (an Italian bank), Barclays Bank and First Abu Dhabi Bank, documents filed with the bourses showed.
Last week, markets regulator Sebi had approved Adani group’s plans to buy out Holcim’s businesses in India. According to the disclosures to the bourses, the last date for filing compliance report for the open offer with Sebi is September 30. ICICI Securities and Deutsche Equities India are managing the whole open offer process.Adani Group launches Rs 31K cr open offers for ACC, Ambuja Cements.

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