Adani Group gets Sebi approval for $3.8 billion open offer for Ambuja, ACC

The group, led by Asia's richest person Gautam Adani, is set to make an offer to buy 26% of Ambuja Cements Ltd. for 385 rupees per share and the same stake for 2,300 rupees per share of ACC Ltd

Adani Group has received regulatory approval for Rs301 billion ($3.8 billion) open offer to buy remaining shares of two Indian cement makers, according to people familiar with the matter, following Holcim Ltd.’s decision to sell its majority stake in May to the conglomerate.

The group, led by Asia’s richest person Gautam Adani, is set to make an offer to buy 26% of Ambuja Cements Ltd. for Rs 385 per share and the same stake for Rs 2,300 per share of ACC Ltd. after getting a nod from Securities & Exchange Board of India, said people familiar with the development, who