Adani to launch open offer to acquire stake in ACC

The Adani Group is expected to launch an open bid of around Rs 310 billion next week to acquire a 26% stake in Swiss firm Holcim's two Indian listed entities, Ambuja Cements and ACC, from public shareholders. In May of this year, the Adani Group announced an agreement to acquire a controlling share in Holcim Ltd's Indian operations for USD 10.5 billion. This week, market regulator Sebi approved the open offer. If fully subscribed, the open offer is worth more than Rs 310 billion. In two separate regulatory filings, Ambuja Cements and ACC have submitted their letter of offer for the open offer launched by the Adani family group's Mauritius-based firm Endeavour Trade and Investment. As per the revised schedule submitted by ICICI Securities and Deutsche Equities India - which are the managers of the open offer - tendering of the shares in the open will start from August 26 as against the earlier date of July 6. This will end on September 9, 2022. Also Read: BGRESL to commence work on Ennore thermal power station projectRs 900 mn approved from SWAMIH fund for Meerut’s stalled projects