Financial Daily from THE HINDU group of publications
Saturday, Jan 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 22, 2005 |
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Corporate
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Open Offers Holcim open offer from March 9 Our Bureau
Mumbai , Jan. 21 THE open offer by the Holcim group for Associated Cement Companies, to be made through Ambuja Cements India Ltd (ACIL), will commence on March 9 and close on March 28, subject to requisite approvals from the Foreign Investment Promotion Board. The offer, at Rs 370 per share, payable in cash, is for 6,92,98,452 shares of ACC. This represents 38.84 per cent of the fully paid-up equity voting capital (or 36.88 per cent of the fully diluted equity voting capital), said a notice to the stock exchanges from ACC on Friday. The shares tendered in the offer will be acquired by ACIL; ACIL, its holding company Gujarat Ambuja Cements Ltd, will be persons acting in concert. The managers to the issue are DSP Merrill Lynch. The funds for the offer will be provided by Holcim India and Holdcim Mauritius, for which Holcim India shall subscribe to and be allotted the equity share capital of ACIL and Holcim Mauritius preference capital in ACIL, enabling ACIL to remit considerations accordingly, said the notice. The specified date for the open offer will be January 28.
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