A delayed open offer by Swiss cement maker Holcim for a further 20 percent in India’s Ambuja Cements Ltd will start on Nov. 14, nearly a month behind the original date, according to local press.
Holcim, which already owns about 40 per cent in Ambuja, had said in August it planned to buy a further 20 percent in Ambuja Cements, or up to 306.6M shares, from its public shareholders at 154 rupees per share ($3.9), beginning Oct. 18.
In October, offer manager DSP Merrill Lynch said the open offer was postponed till further notice and did not give a reason for the delay.
The open offer will now start on Nov. 14 and close on Dec. 3, an advertisement in the papers showed on Wednesday. Assuming full acceptance, Holcim will hold 60.4 percent in Ambuja on closing of the offer, DSP Merrill Lynch said in the advertisement.