The Adani Group on Friday announced an open offer to acquire 51.63 crore of fully paid up equity shares of Ambuja Cements and 4.89 crore fully paid up equity shares of ACC for an aggregate sum of Rs 31,139.56 crore as part of its move to acquire the cement business of the two companies.

The group has offered to buy 26 per cent of Ambuja Cements for Rs 385 per share and the same stake for Rs 2,300 per share of ACC, according to separate exchange filings by Ambuja Cements and ACC. ICICI Securities. and Deutsche Bank AG are advising the group. The Adani group in May announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd’s entire stake in Ambuja Cements and ACC.

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC, of which 50.05 per cent is held through Ambuja Cements. The group had put the aggregate value for the Holcim stake and open offer consideration for two companies at around $10.5 billion.