Adani group-owned entity Ambuja Cements' open offer to acquire 26 per cent equity from the public shareholders of Gujarat-based cement maker Sanghi Industries would commence from September 29, according to a document.
Ambuja Cements Ltd (ACL) would buy 26 per cent equity shares of Rs 10 each of Sanghi Industries from its public shareholders for a price of Rs 114.22 apiece. The offer would be worth up to Rs 767.16 crore, 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 on Monday settled at Rs 108.65 apiece on BSE.
On August 7, shares of Sanghi Industries were at Rs 116.59, the highest in the last three months.
The open offer will tentatively commence on September 29, 2023, and close on October 13, 2023, said the Draft Letter of Offer received by the target company from SBICAP Securities.
On August 3, Gautam Adani-owned ACL announced to acquire 56.74 per cent stake in Sanghi Industries Ltd (SIL) from its existing promoter group - Ravi Sanghi & family.
The deal was done at an enterprise value of Rs 5,000 crore, which was the first major deal since Adani Group was rocked by allegations of financial misconduct by Hindenburg Research.
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.