Endeavour takes 4.48% in ACC and 63.11% in Ambuja Cement
The Competition Commission of India (CCI) has approved on 13 Aug 2022 acquisition of the stake in Holderind Investments Limited, Ambuja Cements Limited and ACC Limited by Mauritius-based Endeavour Trade and Investment Limited of Adani Group.
Endeavour had signed agreement to acquire 4.48% stake in ACC Limited (NSEI: ACC) from Holcim Ltd (SWX: HOLN) for Rs.19.3 billion on 15 May 2022.
Endeavour had also signed agreement to acquire 63.11% stake in Ambuja Cements Limited (BSE:500425) from Holderind Investments Ltd on 15 May 2022.
The proposed combination envisages acquisition of the entire share capital of Holderind Investments Limited by Endeavour.
Holderind holds 63.11% of equity share capital of Ambuja Cements Limited (Ambuja) and 4.48% of the equity share capital of ACC Limited (ACC).
Further, Ambuja holds 50.05% of the paidup equity share capital of ACC.
In terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Endeavour is required to launch an open offer for further acquisition of up to 26% of the expanded share capital of each of Ambuja and ACC.
Holderind is a holding company of Ambuja and ACC, manufacturers of cement in India. fiinews.com
