Holcim’s open offer for Associated Cement Companies will be rescheduled to commence mid-week next, most likely on March 23. The offer has received clearance from the Securities and Exchange Board of India, sources close to the deal said. The open offer was originally scheduled to commence on March 9, but had to be postponed because as late as one day before that, SEBI had still not granted approval to Holcim. Officials handling the deal had said that the delay was likely on account of the issue size being very large, leading SEBI to take its time in going through the offer document in the greatest detail.
Holcim’s open offer is for 38.84 per cent of the equity capital of ACC at Rs 370 a share, which amounts to almost Rs 2,500 crore. The Switzerland-based Holcim group and Gujarat Ambuja Cements Ltd had, in January this year announced that Holcim would be acquiring 67 per cent of the equity capital of Ambuja Cements India Ltd (ACIL). And that through ACIL, Holcim would make an open offer for the shares of ACC to bring up ACIL’s stake in ACC from 13.8 per cent to over 50 per cent. The specified date for the open offer was originally on January 28.