4.8 C
London
Friday, January 27, 2023

Adani receives SEBI nod for ₹10,100 cr open bid for Ambuja Cements, ACC

Must read

5 former Memphis police officers are charged with murder after the death of Tire Nichols

Five former Memphis police officers were indicted Thursday on murder charges in the death of Tire Nichols, whose beating after a traffic stop was...

Match restructures executive leadership, hires former Snap VP of Product as new CTO • londonbusinessblog.com

Match Group, the parent company of several popular dating apps, including Tinder and Hinge, has announced a revamped executive team. Most notably, the...

Inscribe raises $25 million to fight financial fraud with AI • londonbusinessblog.com

Conor Burke spent much of his career in the back office of a major bank in Ireland. His team was tasked with digitizing...

Ford is helping dealers make mobile service an option for more customers

Ford is expanding its range of remote services to save customers a trip to their dealer for things like oil changes and recall repairs....
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

  • India’s richest man Gautam Adani received SEBI nod to proceed with $3.8 billion open offer for Ambuja cements and ACC.
  • In May the Adani Group acquired Holcim’s two cement companies in a $10.5 billion deal.
  • The company is focusing on its infrastructure activities while looking to integrate these two cement companies into its portfolio.

The Adanic Group today received approval from market regulator SEBI for an open offer of $3.8 billion (approximately ₹10,100 crore) for cement companies Ambuja and ACC. This comes months after it acquired a 63% stake in Ambuja Cements from Holcim, a Swiss-based construction company.

In summary, India’s richest man Gautam Adani acquired Ambuja Cements and ACC from Holcim for $10.5 billion (approximately ₹83,000 crore), making Adani Group India’s second largest cement producer overnight. became. The $10.5 billion transaction includes a $3.8 billion public offer.

Under the approved open offer, Adani has offered ₹2,300 per share ACC, discounted by 1.7% from its closing price on August 19, while it has offered ₹385 per share, Ambuja Cements, discounted by 8.5 %.

SEBI rules require companies to make an offer to acquire minority interest if their interest in a publicly traded entity exceeds 25%.

UltraTech Cement of the Aditya Birla Group is India’s largest cement company, with almost twice the capacity of Ambuja Cements and ACC combined.

“Holcim’s global cement manufacturing leadership and sustainability best practices bring us some of the most advanced technologies that will enable us to accelerate the path to greener cement manufacturing,” said Gautam Adani, President of the Adani Group.

Together, Ambuja and ACC have 23 cement plants, 14 milling stations, 80 ready-mix concrete plants and more than 50,000 channel partners across India.

“Ambuja Cements and ACC are two of the strongest brands recognized across India. Increasing our footprint in renewable energy generation will give us a major lead in the decarbonisation journey that is a must for cement production,” said Adani.

As part of the deal, the Adani Group will acquire Holcim’s entire 63.19% stake in Ambuja Cements and 54.53% stake in ACC.

ALSO SEE:

Adani Group cement buyout is actually a gamble on its infrastructure business

Both Ambuja Cements and ACC are worth investing in with the strong parent company Adani

The economics behind Reliance Jio .’s business

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

5 former Memphis police officers are charged with murder after the death of Tire Nichols

Five former Memphis police officers were indicted Thursday on murder charges in the death of Tire Nichols, whose beating after a traffic stop was...

Match restructures executive leadership, hires former Snap VP of Product as new CTO • londonbusinessblog.com

Match Group, the parent company of several popular dating apps, including Tinder and Hinge, has announced a revamped executive team. Most notably, the...

Inscribe raises $25 million to fight financial fraud with AI • londonbusinessblog.com

Conor Burke spent much of his career in the back office of a major bank in Ireland. His team was tasked with digitizing...

Ford is helping dealers make mobile service an option for more customers

Ford is expanding its range of remote services to save customers a trip to their dealer for things like oil changes and recall repairs....

Diner claims extra charges for ’employee health’

During the pandemic, many restaurants charged customers extra to make up for lost revenue during that period.But a Southern California restaurant was surprised to...