Adani Group gets approval for $3.8 billion open offer for Ambuja, ACC

Adani's open offer price for Ambuja is at a 6 per cent discount compared to Thursday's closing price, while that for ACC is at a one per cent discount, data from BSE shows

The Adani Group, led by billionaire Gautam Adani, has received capital markets regulator Securities and Exchange Board of India’s (Sebi) approval for a $3.8-billion (Rs 31,139 crore) open offer for Ambuja Cements and ACC. This will be the largest open offer in India's corporate history, which will launch on August 26, concluding on September 9.

The mandatory open offer, triggered after Adani's acquisition of Swiss major Holcim's stakes in Ambuja and ACC respectively in May, will see the group offer Rs 385 per share for 26 per cent stake in the former and Rs 2,300 a share for a similar stake