'ACC, Ambuja investors hold mixed views on open offers'

Jefferies said investors have a mixed views on tendering shares in the upcoming open offers by the Adani Group to buy public shareholders' stakes in ACC and Ambuja Cements.

The brokerage said given that the current market price of Ambuja is higher than the open offer price, it is difficult to make a case of tendering shares at a discount.

Adani had acquired majority stakes in both the cement companies from Holcim. The mandatory offers by Adani to purchase at least 26% each in ACC and Ambuja Cements will open on August 26 and close on September 9.


In the case of Ambuja, the offer price is ₹385 per share, as against the stock's closing price of ₹403.9 on Wednesday. Adani is offering to buy public shareholders' stake in ACC at ₹2,300 per share.