A day after billionaire Gautam Adani-led Adani Group
acquired Switzerland-based Holcim AG’s cement business in India for $10.5
billion, the Adani family on Monday made an open offer to buy a 26% stake each
in its two listed firms Ambuja Cements and ACC Ltd from public shareholders, reported PTI.

The Adani Group through its Mauritius-based subsidiary
Endeavour Trade and Investment has made an open offer at Rs 385 per share for
Ambuja Cements Ltd and Rs 2,300 per share for ACC Ltd.

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For Ambuja Cements, Adani group has made an open offer to
its public shareholders to buy up to 51.63 crore equity shares, representing
26% of the expanded share capital, aggregating to a total consideration of Rs
19,879.57 crore, reported PTI.

For ACC Ltd, the Adani group has offered to acquire up to
4.89% shares held by public shareholders, representing 26% of the expanded
share capital, aggregating to a total consideration of Rs 11,259.97 crore. This
would be “subject to the receipt of the Required Statutory Approval,”
it said.

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The public announcement was jointly issued by ICICI
Securities and Deutsche Equities India, the joint managers of the open offer at
bourses. This open offer has been triggered after the execution of the share
purchase agreement between the Adani Group and Holcim to acquire a controlling
stake in the latter’s businesses in India “for an aggregate consideration
of USD equivalent to Rs 50,181.04 crore”.

Endeavour Trade and Investment is promoted by Acropolis
Trade and Investment Ltd.

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“The ultimate beneficial ownership of Acropolis
Trade and Investment Ltd is held by certain members of the Adani family,”
the notice said.

On May 15, the Adani group announced a deal to acquire a
controlling stake in Holcim Ltd’s businesses in India for USD 10.5 billion. The
ports-to-energy conglomerate has made its entry into the cement sector.

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The Adani Group will hold 63.1% of Ambuja Cements Ltd
along with related assets. Ambuja’s local subsidiaries include ACC Ltd, which
is also publicly traded.