Andani group-owned Ambuja Cements' open offer to acquire 26 per cent equity from the public shareholders of Gujarat-based cement maker Sanghi Industries would commence from 29 September, according to a company document.
Ambuja Cements Ltd (ACL) would buy 26 per cent equity shares of INR10 (US$0.12) each of Sanghi Industries from its public shareholders for a price of INR114,220m (US$1375) a piece. The offer would be worth up to INR767,160m, according to a Draft Letter of Offer. The offer price is at a premium of 5.12 per cent as the shares of Sanghi Industries.
The open offer will tentatively close on 13 October 2023. On 3 August Gautam Adani-owned ACL announced to acquire 56.74 per cent stake in Sanghi Industries Ltd from its existing promoter group, Ravi Sanghi and family. The deal was completed at an enterprise value of INR50,000m.
If the open offer is fully subscribed, Ambuja Cements will own 82.74 per cent of Sanghi Industries Ltd, the cement maker which also owns a captive port capacity at Sanghipuram in the Kutch district of Gujarat.
