Ambuja Cements, ACC receive lukewarm response from public shareholders

The open offers for Ambuja Cements and it's subsidiary, ACC have received lukewarm response from the public shareholders.

In Ambuja Cements, 727,000 shares, including 29,932 shares in physical form, were tendered till Friday evening--the day the open offer closed. Similarly, 4,061,000 shares (including 9,719 physical shares) were tendered by ACC shareholders.

The response was poor as the current market price is far above the open offer price, bankers said.

The shares of Ambuja Cement closed at Rs 453 a share--far above the open offer price of Rs 385 a share--making the offer unattractive for its shareholders. ACC shares closed at Rs 2,365 a share on Friday as compared to the offer price of Rs 2,300 a share. Ambuja Cements has a 54.53 per cent stake in ACC.

The Adani family had set aside Rs 31,139 crore for the open offer for public shareholders of Holcim's Indian businesses Ambuja Cements and ACC to acquire an additional 26 per cent stake. For Ambuja Cements, Adani Group's open offer to public shareholders was for acquisition of more than 516 million equity shares. The group's open offer for Ambuja Cements constitutes 26 per cent of the expanded share capital, amounting to more than Rs 19,879 crore.

On the other hand, Adani family’s open offer to ACC's public shareholders for up to 48.9 million shares amounts to roughly Rs 11,259.97 crore, forming 26 per cent of the expanded share capital.