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Jefferies said investors have a mixed views on tendering shares in the upcoming open offers by the Adani Group to buy public shareholders’ stakes in and .
The brokerage said given that the current market price of Ambuja is higher than the open offer price, it is difficult to make a case of tendering shares at a discount.
Adani had acquired majority stakes in both the cement companies from Holcim. The mandatory offers by Adani to purchase at least 26% each in ACC and Ambuja Cements will open on August 26 and close on September 9.
In the case of Ambuja, the offer price is ₹385 per share, as against the stock’s closing price of ₹403.9 on Wednesday. Adani is offering to buy public shareholders’ stake in ACC at ₹2,300 per share.
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