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