Construction Industry News
The open offers for Ambuja Cements and its subsidiary ACC have received tepid response from public shareholders.
In Ambuja Cements, 727,000 shares, including 29,932 shares in physical form, were offered until Friday evening, the day the open offer closed. Similarly, 4,061,000 shares (including 9,719 physical shares) were offered by ACC shareholders.
The response has been poor as the current market price is well above the open ask price, bankers said.
Shares of Ambuja Cement closed at Rs 453 per share – well above the open offer price of Rs 385 per share – making the offer unattractive to its shareholders. ACC shares closed Friday at Rs 2,365 per share compared to the offer price of Rs 2,300 per share. Ambuja Cements has a 54.53 percent interest in ACC.
The Adani family had set aside Rs 31,139 crore for the open offer for public shareholders of Holcim's Indian companies Ambuja Cements and ACC to acquire an additional 26 percent stake. For Ambuja Cements, Adani Group's open offer to public shareholders was to acquire more than 516 million shares. The group's open offer for Ambuja Cements represents 26 percent of the expanded share capital, amounting to over Rs 19,879 crore.
On the other hand, the Adani family's open offer to the public shareholders of ACC for up to 48.9 million shares is about Rs 11,259.97 crore, which constitutes 26 percent of the expanded share capital.
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