SBI Capital Markets Ltd has submitted to� the Exchange a copy of letter of offer.
ORIENTCEM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
SBI Capital Markets, the manager to the offer, has submitted the Letter of Offer dated May 19, 2025 for the open offer by Ambuja Cements Limited (Adani Group) to acquire up to 5,34,19,567 equity shares (26% of expanded share capital) of Orient Cement at ₹395.40 per share, aggregating to ₹2,112.21 crores. The open offer follows share purchase agreements signed on October 22, 2024, under which Ambuja Cements will acquire 46.80% from promoter sellers (Birla family entities) and other sellers at the same price. Competition Commission of India approval was received on March 4, 2025, and the tendering period is scheduled from May 27, 2025 to June 9, 2025, with payment expected by June 23, 2025.
Eligible public shareholders of Orient Cement can tender their shares at ₹395.40 per share during the May 27 – June 9, 2025 tendering period. The offer is not subject to a minimum acceptance threshold, but shares will be accepted on a proportionate basis if oversubscribed. Successful completion will result in Ambuja Cements (Adani Group) gaining control of Orient Cement, while public shareholding will remain above the mandatory 25% threshold.