The Adani family will launch open offers for Ambuja Cements and ACC on July 6. It will close on July 19. ICICI Securities and Deutsche Equities India Pvt Ltd, which are joint managers to the offer, on Thursday announced a tentative schedule.

In May, the Adani family had announced that it will acquire Holcim’s assets in India for $10.5 billion, which includes an open offer. The Adanis paid Rs 385 per share for Holcim’s 63.19 per cent stake in Ambuja Cement and Rs 2,300 per share for a 4.48 per cent direct stake, which the Swiss major held in ACC.

According to the Securities and Exchange Board of India (Sebi), in the event of a change in management control, the acquirer has to make an open offer (26 per cent of the voting capital) to public shareholders of the target company.

Consequently, the Adanis have made an open offer to acquire up to 51,63,52,655 of Ambuja Cements and 4,89,56,419 shares of ACC.

This will be done at the price of Rs 385 per share and Rs 2,300 apiece, respectively. Thus the total size of the open offer will be over Rs 31,139.54 crore, which will make it one of the highest open offers in the country.

Shares of Ambuja Cements on Thursday ended at Rs 365.15 while the ACC share settled at Rs 2,207.35. While these counters are now ruling below the open offer price, market circles said the response to the open offer remains to be seen.

They added that Adani group stocks have delivered handsome returns to its investors, which may play in the minds of Ambuja Cements and ACC investors. The open offers have been made by Endeavour Trade and Investment, a Mauritius based entity.

According to an the open offer document, this is a company that was incorporated on April 29, 2021.